Crypto Currency News

Spain seeks to take advantage of the internet blackout in Kazakhstan to attract crypto miners

A deputy proposes to turn Spain into a crypto mining hub

María Muñoz, a deputy from the Ciudadanos political party, from Spain, proposed this week a bill to turn the country into a crypto mining hub after the internet blackout that caused an interruption of extraction in Kazakhstan.

Through a tweet, the lawyer and economist proposed Spain as a new crypto mining hub:

“The protests in Kazakhstan have repercussions around the world, but they also affect Bitcoin. We propose that Spain position itself as a safe destination for investments in cryptocurrencies to develop a flexible, efficient and secure sector.”

Muñoz accompanied the tweet with a two-page open letter addressed to Congress and cited a study by the Cambridge Center for Alternative Finance that ranked Kazakhstan as the second largest Bitcoin miner in the world, with an estimated contribution of 20% of the rate of hash in the second half of 2021. The decision of the Government of Kazakhstan to “turn off” the internet and suspend crypto mining caused the hash rate to drop by 13.4%.

See also  Coinbase buys a futures exchange and plans to sell derivatives in the United States.

“Will the government take measures to attract investors and miners fleeing the Kazakh mining industry?” Said the deputy whose political party proposed a national strategy on cryptocurrencies in October last year. Her party seeks to position Spain as a pole of investment in cryptocurrencies of the European Union and the world, and crypto mining could be the catalyst.

Back to top button