Kazakhstan last year became the world's second-largest center for bitcoin mining after China clamped down on crypto activities, according to data from the Cambridge Centre for Alternative Finance.
Hours after the internet was cut off Tuesday evening, bitcoin's hash rate dropped by 12%, Larry Cermak, VP of research at The Block, said in a tweet. Hash rate is a key measure of how much computing power is required to support the network and to create new bitcoin.
"The internet blackout likely prevented miners from accessing the bitcoin network, thereby leading to an immediate and steep drop-off in the global network," John Warren, CEO of GEM Mining, a bitcoin mining firm told Insider.
end partial quote from:
https://www.msn.com/en-us/money/markets/heres-why-the-unrest-in-kazakhstan-is-wreaking-havoc-on-crypto-and-commodity-markets/ar-AASz1Ct?ocid=BingNews
So, I guess what happened is that when China made Cryptocurrencies illegal Kazakhstan took up some of the slack being a neighbor near to China. Then when the revolution presently in Kazakhstan caused Russia to send in their army and shut down the Internet, it caused havoc in the Cryptocurrency market worldwide.
Could some other country or countries take up the slack created by Kazakhstan?
Possibly, but these things take time. In the meantime I think there will be instability regarding cryptocurrencies until this happens.
The fact that the leader of Kazakhstan is missing also makes me wonder whether Russia is taking over Kazakhstan once again instead of taking over Ukraine like Putin had planned to do this winter or spring.
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