Is The Bitcoin Hashrate Recovering From Kazakhstan’s Crisis? Fear Abides

As the government of Kazakhstan claims the country’s power services are stabilizing, thus the Bitcoin hashrate could be on its way to recovery. However, is the situation stable enough for Bitcoin mining yet? Will it ever be? A Recap Just a few days after the Bitcoin hashrate reached an All-Time High, thus recovering from the China ban on crypto mining, another authoritarian crisis hit the bitcoin mining industry in Kazakhstan, taking the hash to drop 15% in 10 days. The country has been the second-largest bitcoin mining spot (after the U.S.) with 18% of the global BTC hashrate ever since China’s miners were forced to find new locations with cheap energy costs. Parallel to the crypto market down movement, on Friday 7th the price of BTC dropped to $41,000 while the coin’s mining in Kazakhstan went dark as the government forced a power and internet shutdown to gain control over raising protests, which had turned violent. The protestors were reportedly voicing their anger toward new high fuel costs. The news has been reported everywhere without complete certainty of what’s happening. Borders, the internet, and other means of communication were blocked, so the information doesn’t reach the world so easily. The latest reports had shown that the uprising has been tamed as Russia’s President Putin stood proudly as the military ally who sent paratroopers last week. A demonstration of power through fo...