Protests in Kazakhstan Led To The Collapse Of Bitcoin

Protests in Kazakhstan led to the collapse of the leading cryptocurrency Bitcoin. The protests in the country has been going on for days.

The protests that started after the fuel price hike in Kazakhstan a short time ago grew bigger and spread throughout the country. It turned out that Kazakhstan, one of the leading countries in Bitcoin mining, implemented a nationwide power cut in order to cut off the communication of the protesters who reacted to the rising fuel prices. Many miners were disconnected from the Bitcoin network due to power outages affecting miners, causing the total BTC hash rate to drop from around 205,000 petahash per second to 177,330 petahash. With this decrease, the price of Bitcoin also decreased from approximately $ 46,000 to $ 41,000 and continues to decline. Kazakhstan, which made up 8 percent of the total Bitcoin mining before China, which banned cryptocurrencies, increased its share to 18 percent as of August. However, it is estimated that more than 87,849 mining equipment has been moved from China to Kazakhstan, affected by the country's low electricity prices. Due to the increase in mining in the country, power outages have occurred in six regions since October, while three power plants have been shut down.