News of the week: bitcoin hashrate hits ATH, then falls due to chaos in Kazakhstan

Among the outstanding news of this first week of 2022 is the new all-time high that the Bitcoin network reached on January 1, when it exceeded 200 exahashes per second (EH / s) for the first time. However, days later, the miners’ processing power receded amid political instability and internet outages in Kazakhstan, home to 18% of the global hashrate.

The price of bitcoin (BTC) has been trending sideways since the end of 2021, maintaining a support close to USD $ 45,000. But this floor fell to levels around USD 41,000 after the events in Kazakhstan; the average weekly loss is estimated at 11%. At the time of writing, the cryptocurrency is trading at USD 41,909, as reflected in the market price of Latin America and Spain, according to the CriptoNoticias price calculator.

With CriptoNoticias, those interested can keep up to date on price changes in the bitcoin and ether market in relation to their local currency. To do this, they can visit the BTC and ETH Prices section, which has a calculator to make conversions quickly and easily to their national currency.

These are the most outstanding news:

  • Three weeks after Bitcoin’s processing power marked what was until then the all-time high (ATH) of 198 EH / s, the network marked another ATH on the first day of 2022, according to data from the firm Glassnode. This advance was clouded days later due to the political chaos that was generated in Kazakhstan, by protests that led to the resignation of the prime minister and growing political instability. Since 2021, the Asian country occupies the second place among those that concentrate the greatest processing power of the Bitcoin network, with 18% of the hash rate.
  • The fall of the electricity grid and the Internet connection in Kazakhstan, due to the protests, not only interrupted the activity of the miners but also affected the price of the pioneer cryptocurrency, which lost the $ 45,000 support which it had held since the end of December, and has reached levels close to USD 41,000 this weekend. The drop in price also caused large losses to traders who operated leveraged on various exchanges in the ecosystem. By January 5 the loss figure was estimated at $ 900 million, according to CoinGlass records.
  • Amid the chaos that was generated by the political crisis, in Kazakhstan all operations of banks and financial institutions were suspended, including the activities of the stock market. This fact prompted an increase in the use of cash among the population. All this happened at the same time that the Chilean peso (CLP), the national currency of the South American country, fell to its lowest levels of value against the dollar. The recent inflationary peaks and the sustained devaluation of this currency could begin to unleash new waves of interest among Chileans in BTC as a vehicle to safeguard value.
  • The hash rate of the Ethereum network It also marked a new ATH this 2022. On January 4, the blockchain registered an estimated increase of the order of 960 terahashes per second (TH / s), according to data from YCharts. According to the firm Glassnode, the new ATH of the hashrate was accompanied by a new maximum in the difficulty of mining ether, the network’s cryptocurrency, which reached 12.69 T. La blockchain it surpassed, with this record, the registered mark just the day before.
  • A study conducted by the Library of Congress of the United States found that the countries banning Bitcoin doubled over the course of the past three years. By November 2021, 9 countries had decided to veto or ban all economic activity around cryptocurrencies, with China being the most notorious case. In the beginning of this 2022 Kosovo joined, country in eastern Europe where Bitcoin mining was prohibited. In an action similar to that carried out by China, the government justified the measure by alleging an electricity crisis that has led to blackouts in several areas of the country.

If you want to know the meaning of several words in the crypto world terminology, you can consult them in the extensive CryptoNews Glossary.

JOMO (Joy Of Missing Out): in Spanish, “Joy to Stay Out.” It refers to the moment when investors in the crypto-asset market are happy not to participate in a certain investment day.

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News of the week: bitcoin hashrate hits ATH, then falls due to chaos in Kazakhstan

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