Another reason for Bitcoin's price drop has been discovered: Trusted Bitcoin miners are starting to relocate their equipment out of Kazakhstan

Ed D - Crypto Investor 10-07-2022

The relocation of 30% of the machinery has already begun
Another cause for BTC's steep decline might be this

New reports show that Bitcoin miners are fleeing Russia, Ukraine, and Kazakhstan as instability grows. According to Kazakhstan's industry organization, miners have succeeded in transporting 30% of their equipment out of the country. Bitcoin mining is another form of crypto market investment that supports the growth and trustworthiness of Bitcoins blockchain.

Apart from the ongoing crisis in Russia-Ukraine, another factor for Bitcoin's price decline is the migration of miners.

Alan Dorjiyev, President of Kazakhstan’s National Association of Blockchain and Data Center Industry, disclosed the rationale for the change. He claims that the decision is in response to energy shortages and impending tax increases.

Following China's crackdown on miners in May of last year, Kazakhstan became the best Bitcoin mining hotspot. Shortly later, the ostensible title was shattered as the country's electricity supply was dramatically reduced. And they had to sell their crypto profits made from mining top cover the costs.

To deal with the shortages, the authorities boosted Russian power imports and shut down lawful mining farms during the winter outages. However, due to the energy-intensive procedure, this did not assist the problem.

The parliament is now said to be planning to levy a tax on crypto miners of 10 tenges (about $0.02) each kilowatt-hour (kWh) of power generated from indigenous energy resources. It will then levy a 5 tenge per kWh tariff on imported electrical energy. The issue on everyone's mind is where these miners plan to set up camp. El Salvador, Dubai, Iceland, and a few more frigid areas are rumored to be the future trusted Bitcoin mining hotspots.