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The Spanish government will explore legislator Maria Muoz’s plan to turn the country into a refuge for Bitcoin miners and investors. Protests in Kazakhstan, which had a detrimental impact on bitcoin mining, spurred a House of Representatives to take such action.

According to Muoz, the global hash rate dropped by 14% in two days due to the events in Kazakhstan. This resulted in a reduction in bitcoin’s value, which negatively impacted the whole cryptocurrency market. She posed the following queries to the Spanish government in this regard:

  • Are the authorities aware of the potential impact of a decline in hash rate on the cryptosphere in Spain?
  • Is the government planning to recruit miners from Kazakhstan who want to move their power to Spain?
  • Will the local power grid handle the increased load if the country’s mining population grows?

It is unclear how the Spanish authorities would respond to Maria Muoz’s request since there is currently no clear regulation in the nation regulating cryptocurrency. Without the construction of a transparent regulatory framework, it will be hard to attract mining corporations.

We’ll keep an eye on the situation as it develops. Read our news and follow us on social media. You can also start mining cryptocurrency using the Hive OS service.

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