Baisakhi MishraThe current instability in Kazakhstan has caused significant internet outages, which have adversely impacted Bitcoin mining, pushing the issue to the forefront of cryptocurrency news.
Image Source: Finbold
In September 2019, the Bitcoin mining business in China accounted for 75.5 percent of all computer energy consumed in the country. According to data from the Cambridge Centre for Alternative Finance, the situation has evolved dramatically since China’s crackdown on Bitcoin, with China’s participation decreasing to 0% in the summer of 2021.
US Bitcoin mining market share grows 8x
Bitcoin miners using US IP addresses, which used just 4.1 percent of total computer energy in September 2019, known as the ‘hash rate’ (or hash rate), have now become the largest consumers of Bitcoin energy, accounting for 35.4 percent of total consumption, more than eight times the amount two years ago.
Kazakhstan is the country undergoing the most substantial transformation, according to the data, which is based on the IP addresses of mining facility owners who connect to the servers of mining pools.
Indeed, Kazakhstan’s hash rate was only 1.4 percent in September 2019, but since China departed the cryptocurrency mining industry, the country’s hash rate has risen to 18.1 percent in August 2021, more than twelve times what it was only two years before.
Kazakhstan’s engagement in cryptocurrency mining has been thrown back into the public limelight as a result of the country’s ongoing political crisis, which has resulted in an internet blackout, which some have ascribed to the most recent drop in the price of Bitcoin.
In El Salvador, the Bitcoin mining issue continues, with President Nayib Bukele engaging in an online spat with Steve Hanke, a Professor of Applied Economics at Johns Hopkins University.
Hanke claimed that the projected Bitcoin City in El Salvador is unsuited for purpose and is merely a PR ploy by the country’s President, Nayib Bukele.
”Nayib Bukele’s proposed Bitcoin City is as prepared as Florida is for snow. The advertised power source for the City is an inactive volcano. ”This is just more attention-grabbing antics from a narcissistic president who is full of hot air,” he said.
El Salvador’s President Bukele took to Twitter to call Hanke an “idiot” for criticizing the proposed metropolis and claiming that the volcano is “inactive,” claiming that geothermal energy is extracted from wells near inactive volcanoes and that it would be foolish to build a city beneath an active volcano.
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