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Cryptocurrency Mining Offering Alternative Source of Income for Brazilians

Brazilians cryptocurrency mining

Rate this post With rising unemployment rates and economic uncertainty during the Covid-19 crisis, a growing number of Brazilians are finding an alternative income source in cryptocurrency mining. Cryptocurrency Mining Becomes an Alternative Source of Income in Brazil Crypto mining has become an alternative source of income for Brazilians amid the rising unemployment rate and growing economic concerns created by the COVID-19 crisis. Due to the pandemic, the economy of Brazil has declined by more than 4% in 2020, resulting in 14.3 million citizens being unemployed, the National Statistical Office announced earlier this year. The rise in unemployment and economic uncertainties has resulted in several citizens finding alternative sources of income in cryptocurrency mining according to a report by Portal do Bitcoin. Expedito Felipe, a 34-years old Piumhi student gives an idea of the profitability of crypto mining from home. He says that he began minting Ethereum (ETH) in January, investing 47k reals ($9,000) in equipment. He earned approximately 3,000 to 5,000 reals ($600-$900) and had to pay about $100 for electricity consumption. Brazil Imports $20 Million Worth of GPUs in Q1 2020 According to José Guilherme Silva Vieira, an economics professor at the Federal University of Paraná, the returns between income and expenditure is what really drives interest towards crypto mining, adding: “Costs are defined by the equipment used and the expenses. Mining consumes a lot of electricity. In the past 12 months, however, the returns from the activity have been catapulted by the excessive valuation of cryptocurrencies.” There has also been a growth explosion in hardware imports in Brazil with 106 million reals ($20 million) worth of GPUs imported in Q1 2020, according to data compiled by the Ministry of Industry, Foreign Trade, and Services. While there has been no official statement of Brazil’s total electricity consumption from the government linking to the increased power usage to cryptocurrency mining, one of Brazil’s largest power distributors, Enel Distribuição São Paulo has discovered 69,000 cases of theft from the grid last year in the 24 municipalities, an increase of 20% from the previous year.

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With rising unemployment rates and economic uncertainty during the Covid-19 crisis, a growing number of Brazilians are finding an alternative income source in cryptocurrency mining.

Cryptocurrency Mining Becomes an Alternative Source of Income in Brazil

Crypto mining has become an alternative source of income for Brazilians amid the rising unemployment rate and growing economic concerns created by the COVID-19 crisis.

Due to the pandemic, the economy of Brazil has declined by more than 4% in 2020, resulting in 14.3 million citizens being unemployed, the National Statistical Office announced earlier this year.

The rise in unemployment and economic uncertainties has resulted in several citizens finding alternative sources of income in cryptocurrency mining according to a report by Portal do Bitcoin.

READ  Kazakhstan plans to impose 15% tax on Crypto Miners Amid COVID Crisis

Expedito Felipe, a 34-years old Piumhi student gives an idea of the profitability of crypto mining from home. He says that he began minting Ethereum (ETH) in January, investing 47k reals ($9,000) in equipment. He earned approximately 3,000 to 5,000 reals ($600-$900) and had to pay about $100 for electricity consumption.

Brazil Imports $20 Million Worth of GPUs in Q1 2020

According to José Guilherme Silva Vieira, an economics professor at the Federal University of Paraná, the returns between income and expenditure is what really drives interest towards crypto mining, adding:

“Costs are defined by the equipment used and the expenses. Mining consumes a lot of electricity. In the past 12 months, however, the returns from the activity have been catapulted by the excessive valuation of cryptocurrencies.”

READ  UK High Court Refuses Nicolás Maduro’s Request For Venezuelan Gold

There has also been a growth explosion in hardware imports in Brazil with 106 million reals ($20 million) worth of GPUs imported in Q1 2020, according to data compiled by the Ministry of Industry, Foreign Trade, and Services.

While there has been no official statement of Brazil’s total electricity consumption from the government linking to the increased power usage to cryptocurrency mining, one of Brazil’s largest power distributors, Enel Distribuição São Paulo has discovered 69,000 cases of theft from the grid last year in the 24 municipalities, an increase of 20% from the previous year.

#Brazil #COVID-19 #Crypto Mining

Source: https://www.cryptoknowmics.com/news/crypto-mining-offering-alternative-source-of-income-for-brazilians/

Blockchain

John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories

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Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.

The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.

“Everything indicates that it could be a death by suicide.”

Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.

Don’t Trust…

The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.

But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.

The last post by John McAfee: A Letter Q.
Source: Instagram

QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.

The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.

The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.

And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.

“McAfee Didn’t Kill Himself”

A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.

MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”

Tweet from MMCrypto
Source: Twitter

Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.

Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.

And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.

So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.

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Source: https://cryptopotato.com/john-mcafees-strange-suicide-leads-to-even-stranger-conspiracy-theories/

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Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin

The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC. Largest Exit Scam ever? In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth […]

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The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC.

Largest Exit Scam ever?

In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth 3.6 billions USD at that time. This claim has since then lost most of its credibility, since the brothers cannot be reached anymore.

The South African law firm Hanekom Attorneys, who handle the case on behalf of the victims, believe the incident to be an exit scam, rather than a hack. By their account, employees of AfriCrypt had already lost access to the platform’s backend seven days before the alleged hack. The fact that the owners of AfriCrypt urged investors not to take legal action made the law firm even more suspicious. If proven true, this would make AfriCrypt the largest exit scam in history.

10% Daily Return too good to be true

Reportedly, AfriCrypt attracted new investors by promising them a whopping return of 10% on a daily basis. Additionally, the investment firm promised referral rewards for bringing in more customers. Unrealistically high returns like this should automatically make anyone suspicious, but greed and FOMO drive investors into the arms of fraudulent investment companies and crypto projects.

For the scammers, this is a highly profitable business model, as can be seen by the example of the TRON blockchain. Besides gambling, TRON is notorious for “high risk” investment platforms that typically promise daily returns on the same scale as AfriCrypt, but pull an exit scam shortly after their scheme has gained enough traction.

The success of these fraudulent schemes is a result of the huge influx of new and inexperienced investors over the last months. Just recently, the UK-based Financial Conduct Authority warned against unregulated crypto companies, which operate in a legal grey market.

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Source: https://cryptocoin.news/news/owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin-54425/?utm_source=rss&utm_medium=rss&utm_campaign=owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin

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The Bank for International Settlements Gives CBDCs Full Backing


The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks. (Read More)

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The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks.

bank-for-international-settlements-bis-cbdcs-digital-currencies-blockchain

CBDCs are crucial in modernising finance

The BIS acknowledged that CBDCs must modernise finance and keep ‘Big Tech’ in check not to control money. 

Benoit Coeure, a member of the BIS, warned:

“Without CBDCs, digital money would become increasingly dominated by big tech firms, as they would leverage enormous social media user bases.”

CBDCs are digital assets pegged to a real-world asset and backed by the central banks, meaning that they represent a claim against the bank exactly how banknotes work. Furthermore, they are blockchain-enabled, representing a new technology for issuing central bank money at the wholesale and retail level. 

According to the announcement:

“As part of its upcoming annual report it estimated that at least 56 central banks and monetary authorities, representing around a fifth of the world’s population, are now looking at digital currencies as commerce shifts online.”

The issuance of CBDCs seems to be a race against time; many nations believe owning a CBDC is instrumental in having control of the global markets.

The Bahamas- the first nation to launch a CBDC

The Bahamas launched the Sand Dollar in October last year, making it the first country in the world to release a CBDC beyond the testing phase officially.

As more nations reveal their interest in CBDCs, the BIS noted that authorities would have to decide whether citizens require digital IDs to use them or choose the token-based route, making transactions more anonymous.

In November 2020, the International Monetary Fund (IMF) advised central banks not to overlook some essential legal frameworks needed for a CBDC to work. 

Once rolled out, CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/the-bank-for-international-settlements-gives-cbdcs-full-backing

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