mining pool in Venezuela and collapse in DeFi protocol

Among the outstanding news this week is the one related to the mining of Bitcoin in Venezuela, which is now totally legal, according to a recent decree of the National Superintendency of Cryptoassets and Related Activities (SUNACRIP). The new law will regulate the use, commercialization, importation and creation of mining equipment in Venezuelan territory.

Meanwhile, the price of bitcoin registered a decline during the week that, on average, is estimated at 1.5%. The cryptocurrency traded between $ 10,300 and $ 10,900. At the time of writing this article, BTC is trading at USD 10,894, as reflected in the market price of Latin America and Spain, according to the Crypto price calculatorNews.

With Crypto News, Stakeholders can keep up-to-date on changes in market prices for bitcoin, ether, bitcoin cash and litecoin, relative to your local currency. To do this, they can visit the section of Latin Market, which has a price calculator for quick and easy conversions to your national currency.

These are the most outstanding news:

  • A decree that came into effect this week after being published on September 21 in the Official Gazette, under file number 41,969, legalizes mining in Venezuela. Signed by Joselit Ramirez, Superintendent of SUNACRIP, the document stipulates that those residents interested in mining Bitcoin and other cryptocurrencies legally must apply for a license to the entity.
  • The DeFi protocol, BakerySwap, was launched on the Binance Smart Chain (BSC) blockchain a week ago, generating excitement for its high rate of return. But the party was short-lived. Just an hour after launch, your BAKE token collapsed, losing 99% of its value. Bakery, an Automated Market Maker (AMM) DEX, generated heavy losses from users who believed the dough had enough yeast for hot bread to bring them profit.
  • A report esteem that 1,500 bitcoins (BTC) are irreversibly lost every day due to shipping errors, lost private keys, unclaimed rewards by miners, death of their holders or other causes. This number exceeds the slightly more than 900 BTC that are produced daily through mining. To reach this conclusion, the company Cane Island Digital Research (CIDR) assumes that, since 2010, about 4% of circulating BTC is lost every year.
  • Binance and LocalBitcoins, two of the most important bitcoin exchange platforms on the market, are now blacklisted by the authorities in Russia. Access to both exchanges It is restricted throughout the territory, as the Federal Communications Supervision Service (Roskomnadzor) determined that they are prohibited domains. Binance communicated the authority’s decision through its Telegram group, Binance Russia, and by Facebook, claiming not to have received any complaints or prior notification from the authorities.
  • September 24 went on the market the new Nvidia GeForce RTX 3090. This graphics processing unit (GPU) has features that make it the fastest home GPU for Ethereum mining. The mining power of the RTX 3090 is up to 120 Mh / s on Ethereum (ETH). This is almost 50% more than the 81 Mh / S of the previous model, and four times more than the 30 Mh / s of the GTX 1080, which was for a long time the flagship model of the brand.
  • “I want a world where people leave Coinbase and never use these kinds of services,” said the Bitcoin expert (BTC), Amin Raifee with reference to platforms with KYC policies (know your customer). Her statements were made in dialogue with CriptoNoticias days before her participation in the seventh meeting Hackers Congress Paralelni Polis.

If you want to know the meaning of several words in the crypto world terminology, you can consult them in the extensive Glossary of CryptoNews.

ATH (All Time High): An acronym in English for ‘Historical High’, indicates that the price of a crypto asset reached its highest point ever achieved with respect to another specific currency. For example, Bitcoin reached an ATH (all-time high) of $ 19,000 in December 2017.

In Analysis with CryptoNews

In analysis doubly: in the first edition of this week of the audiovisual program dedicated to the analysis of the main news of the ecosystem, Héctor Cárdenas and Iván Gómez discuss a report of the International Financial Action Group in which different behaviors of Bitcoin users are suggested to world regulators, in its relationship with service providers, which could be assumed as alerts or red flags. According to this report, many of the daily activities of any bitcoiner can be considered potentially criminal.

In the second edition of the week, the debate focuses on the FinCEN Files issue, the national pool of Venezuela and how much the history of Bitcoin weighs to date.

Crypto tutorial of the week

Plus500 is a trading platform specialized in the exchange of assets for contracts of difference (CFD). Within it you will find more than 2,000 financial instruments available to operate, divided into 7 different markets, among which are Bitcoin and other cryptocurrencies. In This tutorial will show you how to use this platform.

Podcast of the week

Bitcoin mining is, for almost everyone in the ecosystem, uncharted territory. In this conversation With the growth manager of Luxor Mining, Guzmán Pintos, we discussed the definition of a pool and what factors should be taken into account when considering the purchase and installation of a pool. Likewise, we address which are the countries with the highest hashrate, how the mining landscape has changed over time, among several other things.

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