Block Chain

Spanish Lawmaker Tables a Proposal to be Bitcoin Mining Hub after Kazakhstan Internet Shutdown

Maria Munoz, a member of the Congress of Deputies, seeks to make Spain a Bitcoin mining hub whereas the turmoil continues to be rocking Kazakhstan.

Munoz pointed out:

“The protests in Kazakhstan have repercussions all over the world including Bitcoin. We propose that Spain position itself as a safe destination for investments in cryptocurrencies to develop a flexible, efficient and safe sector.”

Munoz added that the BTC hashrate was nosedived in simply two days primarily based on the web shutdown skilled in Kazakhstan. Therefore, Spain ought to place itself to achieve a aggressive edge concerning Bitcoin mining.

As the second-largest BTC mining hub, Kazakhstan skilled a wave of protests due to excessive vitality prices. As a consequence, the federal government imposed a countrywide web shutdown to tame the unrest, prompting BTC miners to shut down their operations. This triggered the hashrate to slip by 19.6% from the height of 229 EH/s recorded on January 1 to lows of 184.25 EH/s. 

The slip in hashrate has additionally made mining issue on the Bitcoin community to hit a 7-month excessive, acknowledged by market perception supplier Glassnode.


The hashrate is used to measure the processing energy of the BTC community. It permits computer systems to course of and clear up issues that allow transactions to be accredited and confirmed throughout the community.

Meanwhile, JPMorgan Chase sees extra crypto adoption occurring this 12 months. The main funding financial institution noted that Bitcoin was well-designed as a fashionable retailer of worth, and its sturdy design was prompting extra confidence and worth. 

Top American multinational funding financial institution Goldman Sachs echoed related sentiments and acknowledged that Bitcoin would “most likely” grow to be a greater proportion over time. Precisely, if Bitcoin have been to seize a 50% market share, its price would attain simply over $100,000.

Image supply: Shutterstock

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