Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Crypto Miners Not Leaving Kazakhstan, Despite Chaos
2.4 k views
As Kazakhstan is in turmoil, crypto mining has come to a standstill. Yet, Kazakhstan’s crypto miners are not planning to leave the country just yet.
BIT Mining, a large mining company in Kazakhstan, is still evaluating the situation in the country. However, they don’t believe they will have to evacuate just yet.
It is unlikely that our mining machines will be evacuated to North America
Mining came to a standstill in the country after authorities shut down the internet amid a series of protests. Due to no internet access, crypto miners had to shut down their operations.
BIT Mining was one of the largest Bitcoin mining companies that moved its mining equipment from China to Kazakhstan. In 2021, China issued a total on crypto mining, and many miners shifted to Kazakhstan.
‘Back To Normal By Monday’
The turmoil in Kazakhstan, however, seems transitory to most miners. According to Chinese blockchain journalist Colin Wu, miners are not too concerned. Some even have internet access.
Some Kazakhstan miners told us that the internet was temporarily restored on January 7th. In addition, the 4G network of Chinese phones is also intermittently effective. Most expect things to return to normal on Monday.
Moreover, the protests center mostly around urban areas, especially near the capital of Almaty. Miners, on the other hand, are primarily in remote areas. There are no reports that any crypto miners were victims of theft or vandalism during the turmoil.
The internet outage had a severe effect on Bitcoin’s network hash rate. Some reports suggest that a fifth of Bitcoin’s hash rate dropped due to the blackout. This is not surprising since Kazakhstan is the second-largest crypto mining country in the world, behind the United States.
The drop in the hash rate was likely one of the reasons for Tuesday’s Bitcoin crash. Currently, the largest crypto by market cap is trading below $42,000. Moreover, other significant cryptos dropped as well, many posting double-digit losses.
Chaos In Kazakhstan
The country is still experiencing a power outage amid the protests. The protests, which started as a revolt against rising fuel prices, soon turned bloody. According to the interior ministry, 18 members of security forces and 26 protesters have died in the protests so far.
Kazakhstan’s authoritarian leader Kassym-Jomart Tokayev dismissed any negotiations with the protesters.
Abroad there are appeals for the parties to negotiate a peaceful solution of problems. What nonsense! What kind of negotiations can there be with criminals, murderers?
Instead, he issued orders to his security forces to shoot without warning.
Kazakhstan’s President Kassym-Jomart Tokayev said he ordered his troops to shoot to kill to put down a countrywide uprising https://t.co/OQMe9ZmAO9 pic.twitter.com/jjrxjNp9YA
— Reuters (@Reuters) January 7, 2022
I gave the order to law enforcement agencies and the army to open fire to kill without warning.
According to the President, the situation stabilizes after he declared the state of emergency. However, he also called the protesters bandits and terrorists and claimed foreign backing.
We had to deal with armed and well-prepared bandits, local as well as foreign. More precisely, with terrorists. So we have to destroy them, this will be done soon.
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
Russia, the country’s neighbor and an ally of its government sent its “peacekeeping forces” to the country.
Previous
Trading in the Forex and Crypto Sectors – A Critical Comparison
Next
Barclays Wealth Manager Leaves Company For Bitcoin Suisse
Written by
David Marsanic
@DavidN
105 posts
More author posts
Bored APE Token Triggers Spike in ETH Gas Prices
The bombshell drop of the APE token sent ripples across the crypto world - with a noticeable effect on ETH gas prices. Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFTs, has issued its own crypto token. As announced on Wednesday, the new ERC-20 token is called ApeCoin ($APE). We’re excited to announce we’re adopting ApeCoin as the primary token for the Bored Ape Yacht Club ecosystem as well as future Yuga products and services. The newly…
3 years ago
Rapper French Montana to Join Miami NFT Week
The Miami NFT will feature a major celebrity appearance, from a rapper and now metaverse creator French Montana. Karim Kharbouch, known as French Montana, will kick off the NFT event with a Happy Hour. The rapper, whose song Unforgettable reached 1.365 billion views on Youtube, will chat with fans and NFT enthusiasts alike. However, this appearance is only the culmination of his involvement in the NFT space. In fact, he is joining the event as the official celebrity guest of…
3 years ago
Musk Argues With Saylor Over Inflation, But Won’t Sell BTC and Doge
With inflation skyrocketing, many people are debating what to do to protect their assets. In particular, investors and regular people alike are debating whether or not cryptos like Bitcoin are a good hedge against inflation. This includes tech billionaires like Elon Musk and Michael Saylor. Inflation in the US has reached the highest level since 1982. In February, consumer prices rocketed up 7.9% on a yearly basis. The trend is a result of the Fed’s unprecedented pandemic stimulus, which could soon…
3 years ago
EU To Vote on Proof of Work, Bitcoin Mining Ban
The future of Bitcoin mining in the European Union may hinge on today's pivotal vote in the EU Parliament. The EU Parliament's Committee on Economic and Monetary Affairs (ECON) is voting on the proposed Markets in Crypto Assets (MiCA) regulation draft. The proposed regulation is taking aim at crypto mining, due to concerns over its impact on the environment. In particular, the latest MiCA draft aims to limit the use of cryptos powered by the Proof of Work (PoW) mechanism. If…
3 years ago
Elrond Wins Approval to Issue E-Money in Europe
Elrond will soon be able to issue e-money in European Union, thanks to regulatory approval of its recent acquisition. On Thursday, the blockchain startup won the approval of the Romanian Central bank to acquire a fintech company Twispay. Twispay is a Romanian financial institution that provides payment services and issues electronic money. It also offers payment services for Visa and Mastercard. Twinspay also has the license to operate in the entire European Economic Area. That includes the European Union, Iceland, Liechtenstein,…
3 years ago
Pro-Crypto Candidate Narrowly Wins South Korean Election
Crypto investors in South Korea are breathing a sigh of relief, as a pro-crypto candidate won the crucial Presidential election. Election results show that the Conservative Party candidate Yoon Suk-yeol will become South Korea’s next President. In one of the closest elections in South Korean history, Yoon beat his opponent by less than one percentage point. As a former top prosecutor, Yoon promised to deregulate the crypto industry. His pro-crypto stance might have helped him win the election. Deregulating crypto was…
3 years ago
Publish your own article
Guest post article. Guaranteed publishing with just a few clicks
START PUBLISHING ADVERTISE WITH USBrowse categories
Explore trending topics in the crypto community right now.
Bitcoin
SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets
The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…
Marius Bogdan Dinu 
@bdinu89
@bdinu89
1 year ago 
597 views
Bitcoin Should be Banned in the United States: Charlie Munger
Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…
2 years ago 1.5 k views
Tesla’s BTC Positions Remained Unchanged in Q4 of 2022
According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…
2 years ago 1.5 k views
Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF
The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF. Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor. Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…
2 years ago 1.8 k views
Ethereum
Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live
At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…
2 years ago 1.6 k views
Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears
Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system. However, since the Beacon launch…
2 years ago 1.6 k views
FTX Hacker Converts 50k Stolen ETH to BTC
Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%. https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…
3 years ago 1.9 k views
Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant
According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US Treasury Department. Indeed, the OFAC administers and enforces US financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash. According to…
3 years ago 1.8 k views
Trading
How to Leverage Arbitrage Opportunities in Crypto Markets
Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit. Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…
2 years ago 3 k views
The Different Types of Copy Trading in Crypto
Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…
2 years ago 1.7 k views
How to Spot an Unsafe Crypto Exchange
Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable. With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange. The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…
2 years ago 2.2 k views
What Is Grid Trading in Crypto?
Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…
2 years ago 1.6 k views
Tech
Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity
The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 574 views
Bit2Me Champions WEMIX Token in Pioneering European Listing
Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 404 views
CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades
In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 465 views
Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management
The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 592 views