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As Kazakhstan is in turmoil, crypto mining has come to a standstill. Yet, Kazakhstan’s crypto miners are not planning to leave the country just yet.
BIT Mining, a large mining company in Kazakhstan, is still evaluating the situation in the country. However, they don’t believe they will have to evacuate just yet.
It is unlikely that our mining machines will be evacuated to North America
Mining came to a standstill in the country after authorities shut down the internet amid a series of protests. Due to no internet access, crypto miners had to shut down their operations.
BIT Mining was one of the largest Bitcoin mining companies that moved its mining equipment from China to Kazakhstan. In 2021, China issued a total on crypto mining, and many miners shifted to Kazakhstan.
‘Back To Normal By Monday’
The turmoil in Kazakhstan, however, seems transitory to most miners. According to Chinese blockchain journalist Colin Wu, miners are not too concerned. Some even have internet access.
Some Kazakhstan miners told us that the internet was temporarily restored on January 7th. In addition, the 4G network of Chinese phones is also intermittently effective. Most expect things to return to normal on Monday.
Moreover, the protests center mostly around urban areas, especially near the capital of Almaty. Miners, on the other hand, are primarily in remote areas. There are no reports that any crypto miners were victims of theft or vandalism during the turmoil.
The internet outage had a severe effect on Bitcoin’s network hash rate. Some reports suggest that a fifth of Bitcoin’s hash rate dropped due to the blackout. This is not surprising since Kazakhstan is the second-largest crypto mining country in the world, behind the United States.
The drop in the hash rate was likely one of the reasons for Tuesday’s Bitcoin crash. Currently, the largest crypto by market cap is trading below $42,000. Moreover, other significant cryptos dropped as well, many posting double-digit losses.
Chaos In Kazakhstan
The country is still experiencing a power outage amid the protests. The protests, which started as a revolt against rising fuel prices, soon turned bloody. According to the interior ministry, 18 members of security forces and 26 protesters have died in the protests so far.
Kazakhstan’s authoritarian leader Kassym-Jomart Tokayev dismissed any negotiations with the protesters.
Abroad there are appeals for the parties to negotiate a peaceful solution of problems. What nonsense! What kind of negotiations can there be with criminals, murderers?
Instead, he issued orders to his security forces to shoot without warning.
— Reuters (@Reuters) January 7, 2022
I gave the order to law enforcement agencies and the army to open fire to kill without warning.
According to the President, the situation stabilizes after he declared the state of emergency. However, he also called the protesters bandits and terrorists and claimed foreign backing.
We had to deal with armed and well-prepared bandits, local as well as foreign. More precisely, with terrorists. So we have to destroy them, this will be done soon.
Russia, the country’s neighbor and an ally of its government sent its “peacekeeping forces” to the country.