An MP from the Spanish political party Ciudadanos, María Muñoz, has proposed a bill to make Spain a bitcoin mining hotspot after the internet shutdown that caused a mining failure in Kazakhstan.
Lawyer and economist Muñoz was steadfast in her support for Spain as a bitcoin ( BTC ) destination, in a tweet on Friday:
"The protests in Kazakhstan have repercussions around the world, but also for Bitcoin. We propose that Spain position itself as a safe place to invest in cryptocurrencies in order to develop a flexible, efficient and secure sector."
The two-page open letter accompanied a tweet to Spain's Congress of Deputies. First, Muñoz stressed the importance of the protests and the government's response, which used the "full force of the police and the army" before the government shut down the internet for Central Asia's largest economy.
She cited from Cambridge Centre for Alternative Finance research that introduced Kazakhstan as the world's second-largest bitcoin miner, contributing in about 20% of the mixing rate in the second half of 2021 the government's decision to effectively pull the rug out from under Kazakhstan's bitcoin miners caused the hash rate to drop by 13.4%.
A proven supporter of the Bitcoin network, her party Ciudadanos, or "Citizens," proposed a national strategy on cryptocurrencies last October. Her party seeks to position Spain as a pole of investment in cryptocurrencies from the European Union and the world - and bitcoin mining could be a catalyst.
As bitcoin's volatility shows, mining infrastructure is not geographically limited. China's mining ban, for example, has benefited Kazakhstan and Kosovo.
Alan Konevsky, chief legal officer at PrimeBlock, explained last year's mining changes to Cointelegraph: "Mining companies, including those that moved after the regulatory changes in China, were established in countries such as Kazakhstan and Kosovo because the cost of electricity is much cheaper than in North America ".
