Crypto Stories

Internet Shut Down! Kazakhstan’s Political Crisis Surges Soon After Bitcoin Mining Goes Offline 

By Parasshuram Shalgar
Published January 8, 2022 Updated February 2, 2022

A summary of the protests included the Central Asian company over the last week. The show – “The Breakdown” contained NLW episodes, and it fits out a basic primer on the surging political crisis in Kazakhstan. The show covers –

  • Chief economic overview and modern political history of the country.
  • The growth of fuel prices resulted in protests on Sunday.
  • The outspread of demonstrations throughout the week
  • The widespread protest turned out to be an enormous set of grievances.
  • The country’s important decision to shut down the internet.
  • The interferences for bitcoin mining.
  • The situation of things today.

Bitcoin Thumped as Internet Down in Kazakhstan

Bitcoin thumped on Thursday soon after the internet in Kazakhstan was shut down. Soon, the shutdown intensified violence. A few days back, the central Asian nation suffered a sway by violent clashes amidst protesters, police, and the army. The protests turned up in the west of the country over the weekend.

Kazakhstan’s internet facility was shut down nationwide on Wednesday. The main reason to shut down the internet was disrupting the protesters’ communications even though the effects of the collapse have fanned out.

Kazakhstan is considered the power player in the bitcoin world. In 2021, it became the world’s 2nd most prominent center for bitcoin mining, 1st being the United States. As per Fortune, “In August, Kazakhstan hosted 18% of global bitcoin mining.”

The internet breakdown spotlighted how much importance Kazakhstan holds in the bitcoin ecosystem. Within a few hour-time of the outage, bitcoin’s computational power sank heavily. Bitcoin’s price crashed down the most. The cryptocurrency declined to $43,000 on Thursday, testing multi-month lows.