Kazakhstan is the world's second-biggest country in terms of Bitcoin mining. This country possesses cheap energy from coal mines that provide miners profitable margins when mining crypto on cheap energy.
Earlier this year, Kazakhstan's internet was shut down, providing a big hit to miners who had sought refuge in this country as a permanent mining home. This comes after China banished all bitcoin mining, causing many to move to Kazakhstan in response.
Surging fuel prices in Kazakhstan caused massive protests and political unrest. Bitcoin miners were caught in the middle of this. Kazakhstan's leadership ordered a cut to all internet services in the country, stopping mining and the fuel being used because of it. This shutdown took down roughly 15% of the world's bitcoin miners.
Bitcoin mining continues through these disruptions. Governments around the world do not seem pleased with this. Disruptions are becoming a common occurrence, while new laws and legislation are being put into place to discourage mining with taxes and tariffs.
Bitcoin mining in Kazakhstan was very carbon-intensive. A decrease in mining here may help future decrease environmental concerns around crypto mining. Environment concerns often have provided another avenue for government intervention.
Miners have tended to be nomadic in their movements. When one country becomes unstable, they move to a more stable region. China used to host almost 70% of all mining and now hosts 0%. These miners merely relocated.
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