Bitcoin News and Finance Latam Insights — Volcano Energy Bitcoin Mining Project Rises in El Salvador, Venezuelan Miners Leaving Amidst Crypto Corruption Probe Skip to main content

Latam Insights — Volcano Energy Bitcoin Mining Project Rises in El Salvador, Venezuelan Miners Leaving Amidst Crypto Corruption Probe

Latam Insights - Volcano Energy Green Bitcoin Mining Project Rises in El Salvador, Venezuelan Miners Leaving

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Volcano Energy rises in El Salvador, Venezuelan bitcoin miners flee amidst nationwide mining ban, and Argentina deepens usage of the Chinese yuan to pay imports.

Volcano Energy Green Mining Project Rises out of Stealth in El Salvador

Volcano Energy, a bitcoin mining project, announced the construction of a 241MW renewable power generation facility in El Salvador. The operation, which will get most of its energy using photovoltaic (solar) cells, will power what it calls “one of the world’s largest bitcoin mining farms,” with a mining processing capacity of 1.3 EH/s in its first stage.

The cost of the whole development is estimated to reach $1 billion, with the first phase of $250 million being financed by “Bitcoin industry leaders.” Tether is among the companies participating in the project as part of its recently announced mining and renewable energy investment expansion policy.

Paolo Ardoino, CTO of Tether, stated:

Volcano Energy represents one of the most ground-breaking and strategic initiatives we are investing in and we look forward to working alongside Josue Lopez [Volcano Energy’s CEO] and his team to make El Salvador a global force in renewable energy production.

Bitcoin Miners Leaving Venezuela Amidst National Mining Ban

Venezuelan bitcoin miners are looking to relocate their operations to other countries in Latam due to the nationwide mining ban that the government enacted after the intervention of the Venezuelan crypto watchdog Sunacrip. The institution was allegedly involved in a $20 billion corruption scheme.

An anonymous miner told Criptonoticias that he is looking to move his 2,000 ASIC mining rigs to Paraguay, stating that it had one of the “cheapest electricity rates in Latin America and it is a country that has open arms for bitcoin miners to whom it is not imposing restrictions.”

Other miners are considering moving their bitcoin mining operation out of Venezuela, taking them to Paraguay and El Salvador.

Argentina Registers Increase in Usage of Chinese Yuan for International Settlements

Argentine companies are embracing the Chinese yuan for settling cross-border payments to save U.S. dollars. According to general customs director Guillermo Michel, more than 500 companies have shifted to pay for imports with Chinese yuan after the Argentine government introduced dollar-like protections to the currency in the financial system.

Out of the almost $10 billion available as part of the Chinese swap line, there are currently more than $2 billion in payments awaiting approval.

To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below.

What do you think about this week’s Latam Insights report? Tell us in the comment section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory