Bitcoin network hash rate plunged 13.4% in Kazakhstan following political unrest that led to the shutting down of the country’s internet services.
The network activity in the Central Asian nation dropped to 2% of daily highs amid agitation on surging fuel prices that sent the presiding cabinet packing.
Bitcoin’s network hash rate was at 205,000 petahash per second before Kazakhtelecom closed the internet operations taking it down to 177,330 PH/s.
Kazakh authorities lifted price ceilings on liquefied petroleum gas, doubling prices overnight and triggering violent unrest.
The country’s Data Center Industry and Blockchain Association had earlier forecasted that Kazakh would make about $15 billion from legal crypto mining in the coming five years.
Low energy cost has caused an influx of cryptocurrency miners into the country. The cost of electricity is $0.055 per kWh for enterprises compared to $0.12 per kWh in the US.
Kazakhstan is the second-largest nation in the bitcoin mining rate, accounting for 18% of its global hash activity.
The nation’s president, Kassym-Jomart Tokayev, called for help from the Russian-led military alliances on Wednesday to control the turmoil.
Source: Cointelegraph
