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   570

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.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   85

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.
 

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.