Bitcoin hash rate slowly recovers after internet outages in Kazakhstan

Key facts:

  • The three main Bitcoin mining pools show recovery in their computing power.
  • Bitcoin’s hash rate had fallen 12% last week, following an internet blackout in Kazakhstan.

Bitcoin’s hash rate shows signs of recovery after the steep decline that occurred between January 5-6 due to internet outages in Kazakhstan. According to figures from BTC.com, the computing power that ensures the network rose 2.39% in the last 4 days.

The computing power of the Bitcoin mining nodes was located this Monday 10 at 172.94 EH / s (exahash per second) after it fell to 168.92 EH / s last Thursday. The main mining pools, such as Foundry USA, F2Pool Y AntPool they already show recovery in their particular hash rate graphs.

The main Bitcoin mining pools began to regain their computing power on Monday.

Last week, Bitcoin mining was impacted by political instability in Kazakhstan. As reported by CriptoNoticias, the government of the Asian country took exceptional measures to control massive protests, which included electricity and internet cuts. Consequently, mining nodes in that country were disconnected from the network, producing a decline of close to 12% of the hash rate of the main cryptocurrency.

The fall in the hash rate also affected the bitcoin market, whose price fell below USD 45,000 per coin on the same day, January 6.

A spokesperson, identified as Alan Dordzhiev, head of the National Association of Blockchain and the Data Center Industry, reportedly told Coindesk that the Bitcoin mining in Kazakhstan was restored and the situation “almost resolved.”

For its part, the Sputnik portal published this Monday that the country’s capital, Nursult├ín, suffered another internet blackout. However, CriptoNoticias reviewed a tweet by journalist Colin Wu on Friday, who assures that Kazakh miners are concentrated outside urban areas. From what is known so far, instability persists in the Soviet ex-nation, where they already report about 8,000 arrests and more than 160 deaths.

AdvertisingHash rate fluctuations have not affected the security of Bitcoin

It should be remembered that, after the illegalization of Bitcoin mining in China, a country that concentrated more than 70% of the processing power of the network, its neighbor Kazakhstan became one of the destinations where displaced mining operations settled. According to the most recent data, 18% of the total hash rate is generated in Kazakh territory, being the country with the second-highest concentration of Bitcoin mining nodes, behind the US.

On January 2, the hash rate had set a new historical maximum of 209.9 EH / s, levels that it achieved after a recovery that took about 8 months, since the Chinese ban in May 2021. By last October, the US consolidated itself as the country with the highest concentration of miners, with more than 35% of the hash rate of Bitcoin.

Despite the fluctuations in the hash rate, a recent report by CriptoNoticias noted that the Bitcoin network is secure. So much so, that according to the calculations of developer Peter Wuille, an attacker interested in tampering with the Bitcoin blockchain would take approximately two years to rewrite it.

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