Political turmoil in Kazakhstan is hitting the country's vast bitcoin mining industry
The Central Asian nation plunged into chaos as violent protests sparked by rising fuel prices left dozens killed and hundreds injured. As part of the mayhem, internet and telecommunications cuts have been reported nationwide — and that's having an impact on local cryptocurrency mining operations, which are among the largest in the world.
According to internet monitor Netblocks, connectivity had been shut for 36 hours as of Friday morning. Just a few hours into the internet blackout, the hashrate saw a 12% fall, tweeted Larry Cermak, the vice president of research at crypto website The Block.Investors are getting jittery. The price of a single Bitcoin fell to $42,000 on Friday, its lowest level since last September.
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