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Here's why the unrest in Kazakhstan is wreaking havoc on crypto and commodity markets

Here's why the unrest in Kazakhstan is wreaking havoc on crypto and commodity markets
Bitcoin and the flag of KazakhstanJakub Porzycki/NurPhoto via Getty Images


Kazakhstan shut down its internet nationwide after political unrest sparked by rising gas prices.




Among the sectors affected by the outage was bitcoin mining, which has taken off in the Central Asian nation.A 




Other commodities such as uranium and oil also were impacted, with both seeing price spikes days after the uprising.




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It's been days since thousands of protesters stormed the streets of Kazakhstan to express outrage against the rising prices of liquefied petroleum gas, which means it's also been days since the internet was shut down nationwide, compromising the safety and security of many businesses and residents.Among the sectors that were hit hardest was bitcoin mining, a burgeoning industry in the Central Asian nation.Kazakhstan last year became the world's second-largest center for bitcoin mining after China clamped down on crypto activities, according to data from the Cambridge Centre for Alternative Finance.Hours after the internet was cut off Tuesday evening, bitcoin's hash rate dropped by 12%, Larry Cermak, VP of research at The Block, said in a tweet. Hash rate is a key measure of how much computing power is required to support the network and to create new bitcoin.A 
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