Venezuelan Bitcoin miners switch to Ethereum

An increasing number of Venezuelans are switching to mining cryptocurrencies like Bitcoin
28 August 2017   1618

Nowadays, Venezuela is experiencing the worst hyperinflation since the Weimar Republic. Thus, the annual inflation rate is expected to hit 1,600%. 

In order to survive, thousands of Venezuelans have shifted mining the cryptocurrency.

As ever, whether a mining operation is profitable depends on two main factors: the cryptocurrency’s market value—and the price of electricity, needed to run the powerful hardware.

Bitcoin

Bitcoin charts on coinmarketcap.com Bitcoin charts on coinmarketcap.com

As reported by theatlantic.com, a Bitcoin miner who runs several Bitcoin mining devices in Venezuela can earn around $500 per month. This amount can feed a family of four and buy basic goods like baby diapers or insulin from abroad.

Ethereum

Ethereum charts on coinmarketcap.com Ethereum charts on coinmarketcap.com

However, the government authorities have started to crack down on mining operations because it is considered illegal in the country. Thus, Venezuelan police arrest the miners on “made-up” charges due to the absence of cryptocurrency laws that regulate mining.

The crackdown forced many miners to operate very discreetly, while others are reportedly turning to Bitcoin’s rival Ethereum and Zcash for bigger and much more sustainable profits.

Change.org to Mine for Charity

According to the calculations, if 10k computers will run the minning screensaver for 12 hours a day, the charity fund will receive $10k monthly
18 July 2018   99

Social platform for petitions Change.org announced the launch of a screensaver that mines Monero on users' computers. All tokens will be transferred to the charity fund of Change.org. This is reported by Coindesk.

This initiative was launched in partnership with the marketing agency Tracelocke Brazil.

Representatives of Change.org report that the screensaver will consume resources only when users do not use the computer. According to their calculations, if 10 thousand computers will run the screensaver for 12 hours a day, the charity fund will be transferred $ 10 thousand monthly.

At the moment the program is available only for Windows users and the platform did not report on the release plans for the version for macOS.

Note that at the end of April, a similar action was launched by the Australian unit of the United Nations International Children's Emergency Fund; (UNICEF). The website "Page of Hope" mines Monero cryptocurrency.