More

    Spanish politician wants miners migrating from Kazakhstan to move to Spain



    The Bitcoin mining sector has attracted a wide range of countries that are now positioning themselves as major Bitcoin hubs. Spain is among the countries seeking to tap into this rapidly growing sector.

    According to Maria Munoz, a Spanish politician and a deputy of the Ciudadanos in Spain’s Congress, the relevant bodies need to make it easy for Bitcoin miners to set up a base in the country.

    Spanish politician wants Spain as a Bitcoin mining hub

    According to Munoz, Spain should adopt a national strategy that will attract Bitcoin miners and promote the growth of other crypto activities in the country. In a Twitter post, Munoz gave a proposal to enable Spain to become a Bitcoin mining hub in the future.

    Munoz noted that Spain should position itself as a preferable mining hub for miners, given the political unrest happening in Kazakhstan. Kazakhstan is currently the second-largest Bitcoin mining hub, accounting for around 18.1% of the Bitcoin network mining hash rate.

    “The protests in Kazakhstan have repercussions worldwide, also for Bitcoin. We propose that Spain positions itself as a safe destination for investments in cryptocurrencies to develop a flexible, efficient, and safe sector,” she stated.

    The Twitter post also contained an attachment of Munoz’s full proposal to adopt. The proposal looked into creating a national strategy that could be used to attract Bitcoin miners and other crypto-related businesses.

    “Last year, we have proposed the creation of a National Strategy for Cryptocurrencies and for a high-level forum consisted of industry experts for the establishment of a regulated market that’s also flexible, favourable and safe for the mining and usage of cryptocurrencies,” the politician noted.

    Bitcoin mining crisis in Kazakhstan

    As mentioned earlier, Kazakhstan is one of the largest Bitcoin hubs globally. The country is currently in the midst of violent protests that have led to an internet shutdown. This has resulted in Bitcoin mining companies and mining pools being offline, which has led to a significant drop in the mining hash rate.

    Before these protests, Kazakhstan was undergoing an energy crisis affecting Bitcoin mining operations. During winter, the increased use of electricity led to rationing, where power was shut down during peak mining hours.

    The ongoing crisis being faced by Kazakh miners has led to speculation that more mining companies and pools will shift to the US. The US is currently the largest Bitcoin mining hub regarding the mining hash rate.

    Your capital is at risk.

    Read more:

    %post_title%

    Source

    Stay in the Loop

    Get the montlhy email from Biz Builder Mike that makes reading the news actually enjoyable.
    Join our mailing list Stay in the loop and stay informed and it's FREE

    Latest stories

    - Advertisement - spot_img

    You might also like...