Venezuelan Bitcoin miners switch to Ethereum

An increasing number of Venezuelans are switching to mining cryptocurrencies like Bitcoin
28 August 2017   3122

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 charts on Bitcoin charts on

As reported by, 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 charts on Ethereum charts on

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.

Raven Protocol to be the First IDO at Binance DEX

Team cannot say exactly how IEO will pass, since similar campaigns hadn't been concluded at Binance DEX before, but they are going to sell $500k worth tokens
14 June 2019   332

The Raven Protocol cryptocurrency project announced about the planned initial exchange offering (IEO), which will be based on the infrastructure of the Binance DEX exchange - in this case the campaign will be called IDO or Initial Dex Offering.

Raven Protocol confirmed the right to list its token on Binance DEX paired with BNB on June 17 at 9:00 UTC. At the same time, the IDO of RAVEN tokens will start. The project draws attention to the fact that neither Binance, nor Binance Chain, nor Binance DEX stand behind this initiative.

At the same time, Raven Protocol notes that it cannot say how exactly IEO will pass, since with Binance DEX, similar campaigns have not been conducted before.

Potential participants need to pass a preliminary identification by sending to the address of their address in the Binance Chain, an identity document, a selfie and proof of residence.

In total, Raven Protocol expects to raise $ 500,000 by selling 3% of its own token emission (300,000,000 RAVEN). Accommodation will be on a first come, first served basis. The limit on the amount of investment for one user is declared at the level of 100 BNB.