The world’s #2 country for Bitcoin mining just turned off the internet.
That’s sparking a massive exodus of cryptocurrency mining companies from the country. And it stands to be a windfall for America’s booming crypto sector.
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Cryptocurrency mining companies operate servers that support the blockchain for Bitcoin and other altcoins. And China had recently been the #1 country for these crypto mining operations.
However, China made cryptocurrency mining illegal last year.
That forced the crypto miners to leave the country. Many of them set up operations in Kazakhstan – which has become the #2 country for digital currency miners.
Kazakhstan is a major player – with a 18% market share of the Bitcoin network.
For years, Kazakhstan used price controls to keep the price of gasoline low. Gas prices doubled after the price controls were removed. And protesters have recently taken to the streets.
The government literally turned off the Internet last week. The goal was to limit communication and organization by protesters.
However, it also had another consequence…
Bitcoin miners in the country went completely dark. Because you can’t mine crypto without access to the Internet.
Kazakhstan has since restored some internet access. However, mining operations are now at just 5% of normal levels.
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America Becomes Crypto Mining King
Now, this is bad news if you’re running a crypto mining operation in Kazakhstan. I’m willing to bet that you are NOT.
Fortunately, this is great news for America’s emerging crypto mining sector.
Companies that mine digital currencies need just two things:
- Cheap energy
- Uninterrupted high-speed internet connectivity
America has both.
The U.S. ranks #14 among countries for the lowest cost of electricity. Meanwhile, it’s easy to get high speed internet connections throughout the country.
Perhaps most important is that America has a strong rule of law.
- Last year China decided that it didn’t want to be a host country for Bitcoin miners – due to environmental concerns. It made the activity illegal overnight. And boom – the next day crypto mining in China disappeared.
- This week Kazakhstan decided that protests posed a political risk. So, they turned off the internet completely – temporarily putting crypto miners offline.
Nothing like that will ever happen in the U.S. And that’s because we actually have a rule of law and legal concepts like due process.
Here in America we take it for granted. But it’s not the same everyone else in the world.
America is already becoming a mecca for digital currency miners.
This move by Kazakhstan will result in more miners turning to the U.S. for a safe, secure and stable place to do business. And that’s one reason I’m expecting big gains crypto miners located in stable jurisdictions.
Stability for the blockchain is critical for this emerging industry to go mainstream.
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