Russia to negotiate Venezuela about Using ‘El Petro’

Venezuelan Foreign Ministry reported that Petro is being regarded by Russia as an instrument of international transactions
04 April 2018   684

The cryptocurrency Petro was launched by the government of Venezuela in February 2018. A number of issues is reviewed at a Russian-Venezuelan high-level intergovernmental meeting which takes place in Caracas. Among the problems to discuss are bilateral cooperation in the military area, railroad projects in Venezuela, and food production.The Bolivarian Government of Venezuela is also adding the cryptocurrency Petro to the discourse. 

The conference objects at strengthening the the 2 countries` union and the partnership conception of major companies, such as the Petromonagas project between Russian energy company Rosneft and Petroleos de Venezuela S.A. (PDVSA). Petro is reckoned as a possibility to consolidate the strategic alliance and the trade relations between Venezuela and Russia.

According to the information published in Time magazine, there is an evidence to suppose that the Venezuelan oil-backed cryptocurrency was helped into creation by Russian businessmen, officials and bankers. The  hypothesis is that Russia aims to use the currency as an experiment in bypassing US sanctions.

Despite Petro is a national cryptocurrency, there is constantly growing request for Bitcoin in Venezuela. The country is suffered by huge inflation, which makes the Venezuelan people to look for safe ways of keeping value. Another kind of cryptocurrency is also planned to be launched in Venezuela.  It is supposed to be backed by gold and other precious metals. Like with Petro, cryptocurrency enthusiasts argue that a centralized government creating a decentralized currency breaks the purpose of the technology completely. 

The US officials have admonished investors that Petro comes to be an extension of credit to the Venezuelan government. President Donald Trump let the law prohibiting US citizens from involving in transactions with Petro as part of a current campaign to pressure the Venezuelan government.

Ebang to Unveil New BTC Mining Devices

As reported, 10-nm process technology based Ebang E11 miners can reach 44 TH/s performance
25 September 2018   112

The Chinese manufacturer of mining equipment Ebang Communication revealed details about the new line of E11 devices, CCN reports.

At World Digital Mining in Tbilisi, the company introduced three new devices. Based on the 10-nm process technology Ebang E11 miners can reach 44 TH / s. According to the information on the company's website, new miners will go on sale in the near future.

Ebang Mining Devices
Ebang Mining Devices

On the advertising pic there are new devices: E11 (30TH / s), E11 + (37TH / s) and the most powerful E11 ++ (44TH / s)

Main competitor of Ebang - Bitmain - had introduced a high-performance chip BM1391 last week based on 7nm process technology. It is noteworthy that the device E11 ++ from Ebang in its effectiveness exceeds the flagship chip from Bitmain only 2J / TH.

The first information about the new line of miners from Ebang appeared in August.