Venezuela to pre-mine Petro and launch in 6 weeks

On the next day after "Petro" was declared illegal by parlament, the government of president Nicolas Maduro announced plans to pre-mine it
12 January 2018   1422

A day after the parliament declared Venezuela's "oil-backed" crypto currency illegal, the country's government, led by President Nicolas Maduro, announced plans for a "petro" premine. It is expected that the new crypto currency will be released in six weeks. This is reported by Bitcoin. com.

The petro will not be minable but [will be] pre-mined, that is, the complete emission will be under the control of the country. In addition, it will be assigned with a procedure similar to that of an auction. In a period of a month and a half, the sale of the petro cryptocurrency will take place” and people will be able to create their digital wallets.

Carlos Vargas

The Venezuelan Superintendent of Cryptocurrencies and Related Activities

What exactly is the crypto-currency platform is meant, Vargas did not specify. However, the most famous platform that is often used to create such tokens is the Ethereum blockсchain system with its ERC20 standard, which just means a pre-main.

As one of the Reddit users noted, the image of the Ethereum token can be found on the website of the Venezuelan Ministry of Communications; In the title of this file there is the word "petro".

Mining crypto currency is considered illegal in Venezuela. Earlier, Venezuelan miners had already been arrested for stealing electricity. However, according to Vargas, mining brings a big profit, which, accordingly, is a financial injection: "People will be able to engage in mining without fear of persecution. All these miners are invited to a meeting devoted to topical issues. 

The parliament's decision to recognize the new crypto currency illegal Vargas called disregard for its own country, explaining this by saying that "petro" gives Venezuelans an instant opportunity to protect themselves from inflation.

Bitmain to Announce New ASIC Chip

BM1397 chip requires less energy and is able to achieve efficiency at 30J / TH
18 February 2019   66

This Monday, the Chinese mining company Bitmain announced the next-generation 7-nm chip codenamed BM1397, which, according to it surpasses its predecessors in performance and energy efficiency and is suitable for mining cryptocurrencies on the SHA256 algorithm, including Bitcoin and Bitcoin Cash.

The BM1397 chip requires less energy and is able to achieve efficiency at 30J / TH, which is “higher by 28.6% than the previous 7-nm chip from Bitmain”, codenamed BM1391.

BM1397 is manufactured using TSMC, a Taiwan-based semiconductor product company, which is one of the leading suppliers in the cryptocurrency mining industry.

The BM1397 chip will be installed in the new ASIC miners of the Antminer S17 and Antminer T17 models, the release of which Bitmain promises to announce later. The company does not provide other details of the updated devices in its message.