Much has been speculated about the price plunge that the entire cryptocurrency market has experienced since the Bitcoin price action began to depreciate.
Among the main reasons given is the crisis in Kazakhstan, a country characterized by the highest percentage of Bitcoin and cryptocurrency mining in the world, which is why the protests in this Central Asian country could have had an impact on the stability of the crypto market price.
If this crisis in Kazakhstan continues for a longer period of time, it would imply that the crypto market enters into greater instability, a fact that demands actions that tend to revert and create better conditions to be able to sustain price stability.
Now, it is worth mentioning that it is currently planned to install in El Salvador a country that can potentially become a new epicenter of cryptocurrency mining, this if we consider the governmental acceptance that the president of this country has given to Bitcoin.
It should be recalled that the President of El Salvador had already announced on several occasions his great plans to turn his country into a global cryptocurrency laboratory.
Even though there is nothing concrete, just the fact of considering the installation of new mining farms in other latitudes is already a great step in favor of the health of the cryptocurrency market.
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The cover image was designed by the author: @lupafilotaxia, incorporating image: Source: thediplomat
Greetings @lupafilotaxia, centralizing cryptocurrency mining in a single country brings as a consequence what is happening, that is why diversifying the places where this mining operation is performed will bring more stability in the market, no doubt El Salvador would be a good option for its great interest in this project.
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hello @lupafilotaxia,
this problem in kazakhstan and the increasing russian threat in ukraine has the planet going a bit crazy. we have to remember that these conflicts always impact economies and the world of coins does not escape that reality.
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Greetings @lupafilotaxia, diversification in all aspects is fundamental in the cryptographic world, it seems important to me that at the Latin American level a project like the one exposed in El Salvador with the creation of the Bitcoin city that could boost the globalization of the blockchain world.
Best regards.
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Greetings friend @lupafilotaxia, if the political instability in Kazakhstan continues no doubt the mining activity will be forced to move its facilities to another region, I had already read that Thailand was growing as an important mining center, as many investors took advantage of the wave of machine auctions after the Chinese regulations, but moving the mining activity to another latitude would be interesting, especially if we talk about America, which would end up giving more momentum to cryptocurrencies in this region.
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Greetings @lupafilotaxia
I particularly think we are going to see more often this kind of news where the mining population moves now , I think that any country where they are established will be the subject of conflicts induced by the detractors of the Crypto , even more if it is in Latin America where to dominated multinational companies and imperial governments that many do not currently have the power over cryptocurrencies and that is an incentive to destabilize , before the market is much larger than it is .
Thank you for sharing
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