Bit Mining Plunges 33% Amid Kazakhstan Turmoil
Today, crypto-miner Bit Mining (NYSE: BTCM) lost approximately one-third of its market capitalization, nosediving 33% as of 1:30 p.m. ET. This move was the largest among major Bitcoin miners, suggesting there's something going on underneath the surface.
Bit Mining is among the largest Bitcoin miners that shifted operations from China to Kazakhstan, following the Chinese ban on cryptocurrency mining. This move, initially viewed as strategically sound, is now being questioned by investors in a big way.
Over the past couple of weeks, peaceful protests in Kazakhstan over a surge in oil prices turned violent. Reports of deaths, looting, and photos of vandalized property went mainstream.
Source Fool.com
