Kazakhstan internet restoration still not enough for crypto miners, NetBlocks says

Limited restoration of internet access in Kazakhstan is not enough to bring the world’s second-largest crypto mining hub back fully online, according to internet tracker NetBlocks. 

Fast facts

• Last week, internet access in the central Asian nation was shut off after protests over fuel prices spread across the country, resulting in more than 100 deaths and thousands of people injured. 

• According to NetBlocks, internet access was restored to almost full capacity on Monday morning. 

• “The restorations, however, are limited, unpredictable and don’t satisfy the requirement for a stable connectivity needed for cryptocurrency mining or blockchain applications,” Isik Mater, director of research of internet monitor NetBlocks, told Forkast.

• After Kazakhstan’s internet outage began last week, hashrates at major mining pools — including AntPool, Poolin and Binance Pool — fell significantly and still remain below Jan. 4 levels as of Monday morning Asia time, according to data from BTC.com.

• Kazakhstan became the world’s second-largest Bitcoin producer last year after miners moved there en masse following China’s ban on crypto mining.