Unrest in Kazakhstan hits cryptocurrency markets, global bitcoin hashrate drops.
Kazakhstan Shuts Down Banks, Internet Amid Unrest That Threatens Bitcoin Mining, Hashrate
Measures imposed by authorities to quell mass protests in mining hotspot Kazakhstan are affecting cryptocurrency markets and the Bitcoin network hashrate. To deal with the civil unrest caused by rising fuel prices and a worsening economy, the government restricted access to the internet and closed down local banks. Fears are rising that the turmoil may spark another major migration of miners now that some are already leaving the country, which also faces power shortages.
Over 1,000 citizens have been injured, official media reported, during the demonstrations in which government offices were attacked, guns fired, and people killed both among protesters and law enforcement officers. On Jan. 5, President Kassym-Jomart Tokayev dismissed the government, blaming ministers for the situation that threatens to spiral out of control. Russia has already sent “peace keeping” troops after Tokaev asked the allied country for help in the face of a “terrorist threat.
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