Venezuelan Bitcoin miners switch to Ethereum

An increasing number of Venezuelans are switching to mining cryptocurrencies like Bitcoin
28 August 2017   2328

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.

Boerse Stuttgart to Launch Crypto Trading Platform

SolarisBank has a license to provide banking services in Germany and will become the banking partner of the exchange
13 December 2018   82

In the second half of 2019, the second largest stock exchange in Germany, the Börse Stuttgart Group, with the support of fintech company solarisBank, will launch a platform for cryptocurrency trading.

The official press release notes that solarisBank has a license to provide banking services in Germany and will become the banking partner of the exchange.

At the initial stage, the platform will support Bitcoin and Ether, and in the future, various tokens that will produce its own ICO-service of the exchange and will also be available in secondary markets.

Access to the trading platform will be available to both retail and institutional traders, and it will differ little from the existing securities trading platform.

In addition, the Boerse Stuttgart Group is awaiting approval by the regulator for the launch of a multilateral trading platform for cryptocurrencies, which will allow to compare the applications of buyers and sellers using electronic systems.

In April of this year, Sowa Labs, the Fintech division of the Stuttgart Stock Exchange, reported on the work on the Bison application for cryptocurrency trading. Its launch was expected in September, but so far has not yet taken place.

SolarisBank is also a partner of the Bitwala blockchain-start-up, which on the eve announced the launch of its updated cryptocurrency service offering users a single bank account with support for Bitcoin and Fiat.