Kazakhstan internet shutdown sheds light on a big Bitcoin mining mystery

Kazakhstan internet shutdown sheds light on a big Bitcoin mining mystery(fortune.com)

28 points by joshbuddy 4 years ago | 5 comments

simmerup 4 years ago |

So bitcoin isn’t ran on sunshine and rivers and volcanoes like so many would like you to believe. It’s ran on dirty coal and causes blackouts.

What a waste of energy

spiorf 4 years ago |

A change of 12% over 24 hours is well within the fluctuation caused by the probabilistic nature of mining.

Looking at the charts I can't see any clear drop: https://www.coinwarz.com/mining/bitcoin/hashrate-chart

Extrapolating that bitcoin mining escaping from china is the cause of the protests seems a little too far-fetched.

BoiledCabbage 4 years ago | |

It's funny you say that, because after adjusting for timezones, the two prior largest drops on that chart you shared are:

Dec 25th - Christmas (obs .worldwide) Dec 16th - Kazakhstan Independence Day

Maybe not a robust analysis, but sure seems like events in Kazakhstan can have an impact on global hash rates.

spiorf 4 years ago | | |

Zoom out. Drops of that magnitude are frequent. And why christmas should make it drop, while on the 1 jan was at all-time-high? Should holidays make it drop or grow?

The drop in may-july 2021 is significant.

black-tusk 4 years ago |

Archived link: https://archive.fo/75VqL