Home Bitcoin News Will Bitcoin (BTC) Miners Create Independent Network Soon in Kazakhstan?

Will Bitcoin (BTC) Miners Create Independent Network Soon in Kazakhstan?

Will Bitcoin (BTC) Miners Create Independent Network Soon in Kazakhstan

Russian Market Shared: During the Internet shutdown in Kazakhstan, with over 18% of bitcoin network, the hash rate fell by 12%.

Community Response:  Actually, this is advantageous to BTC as it can move from one country to another skipping domestic violence.

So, Bitcoin without Internet has Zero value.  So, is fiat money without honest backing. Governments are lot more fragile than Bitcoin. And, we have to make the internet as common and basic like running water, instead of betting on governments – to treat us in a proper manner.

Neither fiat nor crypto have permanent value. Only Gold will outlast them regardless of short-term price actions. History always rhymes.

It’s Bitcoin, not crypto. Gold is centralized and manipulated by the government. It cannot keep up with the inflation rate. Gold could also be easily seized by the government.  It has been done by so many governments throughout history and there is no reason that it won’t happen again.

Go cry somewhere else. Crypto would go before cash, which goes before gold. Crypto is a complement.  It’s Bitcoin, not crypto. And, you too – have fun.

So, it is a weak spot – the internet. Just imagine when 10 more countries erupted and the government follows the same play book and shuts down the internet. That was just the first domino.

Shutting down the internet will cost the countries economically more than anything. I thought you would figure that out.  Bitcoin miners will create independent network soon in Kazakhstan.

Does Kazakhstan have 18% of the bitcoin network?  Cheap electricity for some reason.  The cheap electricity that endangered the whole public network.

Bullish -not even Russia can stop the BTC network. It is still working and all Kazakhstan wallets are untouched BTC – the best and most secure network.

When the network loses a major region like this – are transaction fees going up for the same amount?

In theory, block time should slow down until the difficulty adjustment.  Yes, and fees are more so based on amounts of transactions. As they get backed up from the difficulty adjustment, fees may go up. Lightning network still will settle instantly.

Lighting is just a series of IOU’s – at the end of the day, it all needs to get recorded/written eventually to count.

Hasn’t been the first time a portion of the network went offline.  What happened to the income of miners? The 88% that continued hashing saw a consequent rise in income of around 12% balancing it out very quickly. It’s designed that way. Like the Internet itself, if one part goes down, it routes around it.

Kazakhstan will not be the black swan, right? No one cares about the hash rate. It’s not important. Mempool is empty. Traditional markets went down and took the risk-on crypto asset world with it.

Your BTC is going to be intact, when they turn it back on.  I’m watching $55k-$60k as the next resistance for Bitcoin, If we can break this range with confirmation, then the 2nd half of the bull market is starting.

ELI5 – so 18% of bitcoin assets are in Kazakhstan?? Jeez.  Nope 18% of the network capacity (reason…cheap electricity).

Read more about:
btc
Share on

dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.

Get the latest updates from our Telegram channel.

Telegram Icon Join Now ×