Even as Russia moves closer to the Ukrainian capital of Kyiv, the conflict between the two countries have dominated international headlines for weeks. Bitcoin’s safe-haven asset narrative has come under scrutiny as a result of the violence, which has had a significant impact on the price of the cryptocurrency. What about the miners, though?? While Russia is the third-largest mining hub in the world, tensions between Russia and the West continue to rise.
Despite the tensions, there has been no negative impact on Russian miners. Even after Vladimir Putin invaded Ukraine, the country’s hashrate has stayed stable over the previous two weeks. Russian miners must be able to access the internet at all times. Ethereum Classic is only one of a number of significant blockchains that have been targeted by 51 percent attacks.
It is possible that an escalation of hostilities between Russia and Ukraine may have negative consequences for Kazakhstan as well. Mining is the second-largest industry in the country, which borders Russia to the north. The BTC network would be seriously jeopardized if the crisis were to spread to both Russia and Kazakhstan.
Miners in Kazakhstan have already been affected by the current situation. More than 160 people were killed in protests in the country earlier this year over a rise in fuel prices. As a result of the five-day Internet outage, all of the country’s BTC miners were effectively shut down. Thus, the worldwide BTC hashrate decreased as a result.
When it comes to miners, the war has yet to have a direct impact, but one of the largest Ethereum mining pools has turned off Russians. FlexPool stated on Reddit that it was taking a stance against Russia in its statement. The pool stated that “this is greater than politics, greater than anyone,” claiming that it always avoids making political statements.
- However, despite the rising tensions between Russia and Ukraine, the hashrate generated in Russia is still stable.
- In response to President Putin’s activities, one mining pool shut off Russian miners, claiming that Russian miners support the nation’s actions.