Spanish Lawmakers See Opportunities Amid Kazakhstan’s Bitcoin Mining Collapse

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Following a dire power outage protest, the world’s second-largest Bitcoin mining hub is on the verge of closing down its operations. But on the other hand, Spain is recognizing this as a major opportunity to establish itself in the crypto sphere. To this end, Spain’s lawmakers are pushing for regulations to lure miners from Kazakhstan.

Spanish Lawmakers See Opportunities Amid Kazakhstan's Bitcoin Mining Collapse

A member of the Ciudadanos party and the Congress in Spain, Maria Munoz has made the latest comment concerning this new development. Asides from recommending crypto-friendly regulations as far back as October 2021, Maria is now from tung the new charge. She has her focus set on pushing Spain as the ideal destination for Bitcoin miners since Kazakhstan’s demonstrations. Luckily, people can trade their crypto with oil at www.chesworkshop.org/oil-profit/.

On the 7th of January 2021, Maria tweeted that the lawmakers are proposing that Spain establish itself as a safe and secure destination for crypto investment. She claims if the proposition is approved, Spain will become a flexible, safe, and efficient destination that will facilitate crypto development.

Based on a report delivered to the Bureau of the Chamber of Deputies of Spain, the impact of the global hash rate was pointed out by the economist. In the space of two days after the protests rocked Kazakhstan, the global hash rate has dropped by more than 14%.

Currently, Maria is questioning President Pedro Sanchez’s government asking for the country’s next move. She’s inquiring whether the government plans on seizing the unique opportunity to host the Kazakhstan miners or not. Maria is also seeking to know about the energy efficiency of the local Bitcoin mining industry within the country.

She claims that the stance of Ciudadanos concerning cryptocurrencies is bold and clear. The party is a strong advocate of a flexible legal framework that will enable the development of the crypto sector in Spain. Not just that, she believes the legal framework will also facilitate the safe use of crypto.

Move to Kazakhstan

Bitcoin miners’ initial move to Kazakhstan was a result of China’s strong stance against crypto mining and its subsequent ban. Eventually, this caused a mass movement of Bitcoin miners into Kazakhstan. Kazakhstan was the ideal choice given its wealth of cheap energy sources produced from the enormous coal mines in the country.

Kazakhstan was one of the friendly destinations for Bitcoin miners. With a hash rate of 18%, the country ranks the world’s second-largest Bitcoin mining hub. However, things changed when the government began shutting down power grids and the internet over heightened fuel prices. This eventually sparked nationwide protests and riots tangling Bitcoin miners in the middle of the conflict.

According to various sources, the enduring protests are primarily concentrated in the metropolitan area of Almaty. However, most Bitcoin miners are situated in remote areas. Presently, there are no reports of Bitcoin miners being robbed or assaulted, but, all mining activities have been suspended due to network interruption. Nonetheless, the protests in Kazakhstan are dying down thanks to the internet being temporarily restored. The crypto mining industry also hopes that mining activities will resume to the fullest soonest.

Attracting Crypto Miners

Even though several claims are citing the damage of Bitcoin mining to the environment, a lot of statesmen across the globe float their regions as crypto-friendly. This current situation has been on the rise lately as several countries look to attract Bitcoin miners.

The United States is not left out in the discussion as several senators are now looking to tap into the immigrating traffic leasing Bitcoin miners to their jurisdictions. For instance, Texas’ Ted Cruz and Wyoming’s Cynthia Lummis are strengthening the calls for more Bitcoin miners in their region.

The question remains as to whether or not the Spain government will sanction the lawmakers’ proposition. If approved, this will surely attract miners from Kazakhstan given the increased hostility to mining operations within the region. Munoz aspires that Spain approves of these Bitcoin-friendly prepositions, but a major obstacle to her hopes could be political.

Her tweet did inspire disdain from the rival Green party as a European Parliament member, Ernest Urtasun, labeled her proposal as a “bad joke”. Ernest claimed that the environmental impact of Bitcoin mining cannot be overlooked stating that Munoz clearly has more work to do.

If the pathetic situation of bitcoin miners sustain in Kazakhstan there are high chances that the best liquidity provider are going to establish them in the Spain. Spain is also appearing optimistic to grab the opportunity of attracting Bitcoin miners from Kazakhstan in order to become the hub for Crypto mining. But there is a long journey for Spain to attain a title of best Bitcoin mining hub as miners seems to be in a state of limbo whether to shift to Spain or not as they are wandering from China to Kazakhstan for a while. If Spain gives a solid reason for Bitcoin miners to move in the country along with security to their profession there are high chances to become a patron of Bitcoin mining for Spain.

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