A lawmaker in Spain looked at the opportunities in the crypto industry and suggested welcoming crypto mining companies.
After the ban of crypto-related activities and services by China, every country and company in the world tried to find a better opportunity to grow. Because after the Crypto ban by China, many countries were looking to get into a better and crypto-friendly country. Kazakhstan was the second-best place for the Chinese crypto mining companies. Right now Kazakhstan is responsible for an 18% contribution to the mining hash rate in the Bitcoin network. But due to ongoing protests, Kazakhstan is out of contribution.
Maria Munoz is a member of Congress of Deputies from the centre-right Citizens party. She is highly influenced because of blockchain and crypto industry innovations. She suggested making Spain a crypto-friendly country for the crypto companies.
Maria noted that the hash rate of the Bitcoin network dropped by 14% within two days, because of protests in Kazakhstan. She also pointed out that it is only Kazakhstan that is responsible for breaking down the price of Bitcoin, which hitted around $40,600 on Bitstamp crypto exchange.
Maria wants to ask from the ruling government in written form. By considering the lack of power availability in Kazakhstan and the Internet outage, Maria asked whether the Spanish government is looking at this global hash rate plunge and wants to use the available energy & internet of Spain.
Kazakhstan is not friendly for crypto mining businesses
An outage of the internet because of protests or any other reason is not a big thing because it can take place in any country. But it is 100% surity that Kazakhstan is not able to provide enough electricity to crypto mining businesses.
Recently, a few crypto mining firm owners said that they are not able to run their crypto mining buisiness because it is very costly for them under huge power outages and it is moving them toward bankruptcy.