Internet outage in Kazakhstan affects Bitcoin mining and causes prices to plummet.
Communications were restricted as a way to contain the protests in the Central Asian country, one of the major global centers for bitcoin mining.
247 - In addition to the Federal Reserve's recent announcements about raising interest rates, another factor that contributed to the global drop in cryptocurrency prices was the shutdown of internet services in Kazakhstan, one of the major mining centers for the digital asset.
Communications have been restricted in the Central Asian country as a way to contain the protests, which have turned violent. There are reports of deaths among protesters and police officers.
"Kazakhstan is a player Kazakhstan is a powerful force in the world of Bitcoin. Last year, the country became the second-largest global cryptocurrency mining hub after the United States, according to the Cambridge Center for Alternative Finance. China, a major center, has cracked down on cryptocurrency mining activity. In August, Kazakhstan hosted 18% of global Bitcoin mining, according to Fortune," writes the article. Guardian.
The price of bitcoin fell below 43,000 USD this Thursday (6).
Subscribe to 247, Support via Pix, Subscribe to TV 247, in the channel Cuts 247 and watch: