After Kazakhstan’s Internet shutdown, a Spanish lawmaker proposes that Spain become a Bitcoin mining hub

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While Kazakhstan is still in chaos, Maria Munoz, a member of the Congress of Deputies, wants to turn Spain into a Bitcoin mining hub.

Munoz went on to say that the BTC hashrate plummeted in just two days as a result of Kazakhstan’s internet outage. As a result, Spain should achieve a competitive advantage in Bitcoin mining.

As the second-largest BTC mining center, Kazakhstan has seen a surge of demonstrations over high energy costs. As a result, the authorities ordered a nationwide internet blackout to quell the uproar, forcing BTC miners to cease operations. This resulted in a 19.6% drop in hashrate from the top of 229 EH/s on January 1 to lows of 184.25 EH/s.

According to market intelligence service Glassnode, the drop in hashrate has caused mining difficulty on the Bitcoin network to reach a seven-month high.

The hashrate is a measurement of the computing power of the Bitcoin network. It enables computers to process and solve issues to approve and confirm network transactions.

On the other hand, JPMorgan Chase expects increased crypto usage this year. According to the major investment bank, Bitcoin was well-designed as a modern store of wealth, and its solid design inspired greater confidence and value.

Goldman Sachs, a top American multinational investment firm, shared similar comments, predicting that Bitcoin will “most certainly” grow in importance over time. Bitcoin’s price would rise to a little over $100,000 if it were to capture 50% of the market.

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