RIYADH – Bitcoin, the most popular cryptocurrency worldwide, fell by 0. 18 percent to $41,620 at 5:12 pm Riyadh time.
The second most traded cryptocurrency Ether was listed at $3,098,, down by 3. According to Coindesk data, 24 percent. Other News: After internet and communication were cut off, political turmoil is affecting the Bitcoin mining industry in Kazakhstan. Internet and telecommunications services were cut across the country, which has had an adverse effect on local cryptocurrency mining operations. These are some of the largest in the world. After China clamped down on mining activity, Kazakhstan was able to emerge as a major mining hub. Mining is a process that requires powerful computers to solve complicated mathematical puzzles and create new blocks on the blockchain. It also consumes a lot electricity. Kazakhstan’s rich energy resources have made it an attractive option for miners. According to the Cambridge Center for Alternative Finance, more than 18% of global Bitcoin network hashrate was accounted for by the former in August 2013. This is the most recent month for which data are available. According to CoinDesk, Hashrate is the sum of all computational power used to mine cryptocurrency. It is not clear when Internet services in Kazakhstan will be restored. This makes it difficult for crypto miners to gauge the extent of their impact. According to Netblocks, connectivity was off for 36 hours on Friday morning. A few hours after the internet blackout began, the hashrate experienced a 12 percent drop, Larry Cermak (the vice president of research at crypto site The Block) tweeted. According to the Financial Times, Kazakhstan is having trouble coping with the increased demand on its energy grid from crypto mining. A large crypto-mining farm was also shut down due to power shortages in November. Scam The Federal Investigation Agency of Pakistan (FIA), has discovered a cryptocurrency investment scheme that allegedly costs Pakistani citizens approximately 17.7 trillion rupees (around $100million). According to media reports, the country’s top law enforcement agency also sent a notice about the scam to crypto exchange Binance, Bitcoin.com reported. Imran Riaz (director of the FIA cybercrime wing) provided details about the case on Friday. He said that organizers used cryptocurrency. Riaz stated that they launched an investigation after receiving complaints about a fraud involving billions in rupees using nine online applications.
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