Dollar

United

2024

Bitcoin

Simply

<h4><strong>BRICS is a group of countries including Brazil, Russia, India, China, and South Africa, and recently, Argentina, the United Arab Emirates (UAE), and Ethiopia joined in. </strong></h4>
<p>These last 3 nations are starting to mine Bitcoin using government resources to support their efforts. Meanwhile, <a href="https://www.altcoinbuzz.io/?s=russia" target="_blank" rel="noopener noreferrer nofollow">Russia</a> is stepping up too – the country’s sovereign wealth fund, which is like a big national savings account, is putting money into Bitcoin mining.</p>
<h5><strong>What is Bitcoin Mining and Why Are Countries Mining Bitcoin?</strong></h5>
<p>It’s a process that uses powerful computers to solve complex puzzles, adding new Bitcoin to the network. The miners get rewarded with Bitcoin for their hard work. Mining Bitcoin requires a lot of electricity and computer power, so it isn’t easy or cheap. But for some countries, it’s worth the effort.</p>
<p><a href="https://www.altcoinbuzz.io/?s=Argentina" target="_blank" rel="noopener noreferrer nofollow">Argentina</a>, UAE, and Ethiopia are mining Bitcoin to create extra income and to find alternatives to using the U.S. dollar. As VanEck, a well-known investment firm, pointed out, countries like Argentina, UAE, and Ethiopia are getting involved because they’re feeling the squeeze from unstable financial systems and economic struggles. By mining Bitcoin, they aim to gain a bit more financial independence.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">VanEck says BRICS members Argentina, UAE and Ethiopia are now mining <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> with government resources and that Russia’s sovereign wealth fund is investing in BTC mining <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>“There is tremendous urgency outside of the US to find a way to circumvent the irresponsible fiscal… <a href="https://t.co/2iS9Ny4zrI" rel="noopener noreferrer nofollow">pic.twitter.com/2iS9Ny4zrI</a></p>
 <p>— Simply Bitcoin (@SimplyBitcoinTV) <a href="https://twitter.com/SimplyBitcoinTV/status/1850951507182600587?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 28, 2024</a></p>
</blockquote>
<p><script src="https://platform.twitter.com/widgets.js" async charset="utf-8"></script></p>
<p>In Russia’s case, the country’s big national fund is investing in Bitcoin mining as well. This move shows that Russia wants to have a bigger hand in the Bitcoin world, likely to avoid some of the effects of U.S. sanctions and to strengthen its economy. When times get tough, countries are looking for ways to shake things up – and Bitcoin might be part of the solution.</p>
<h5><strong>The Push Away from the U.S. Dollar</strong></h5>
<p>Many countries outside the U.S. feel like they’re getting the short end of the stick with the American dollar. Some of these nations think the U.S. government’s spending and debt are out of control, and they want a backup plan in case things go south. Bitcoin offers them a way to move money outside of the traditional system, without relying as much on the U.S. dollar.</p>
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg"></a></p>
<div class="youtube-embed" data-video_id="TxWQaHNRZGI"><iframe title="BTC $74K Before Election? OR Big Bull Trap Ahead?!" width="696" height="392" src="https://www.youtube.com/embed/TxWQaHNRZGI?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/vaneck-argentina-uae-and-ethiopia-embrace-bitcoin-mining/" rel="noopener noreferrer nofollow">VanEck: Argentina, UAE, and Ethiopia Embrace Bitcoin Mining</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

VanEck: Argentina, UAE, and Ethiopia Embrace Bitcoin Mining

Altcoin Buzz

Other articles published on Oct 29, 2024

BlockDAG’s New Rebrand Is More Than Just a New Look; Insights on XRP’s Donations Impact & NEAR’s ...

ApeChain Launches on Mainnet With Arbitrum Orbit

A Comparative Analysis Of 3 Promising Cryptos On CoinMarketCap: Solana, Cardano And Cutoshi

Coinbase CEO Demands SEC Apology for ‘Frivolous Cases’

Undervalued and Unstoppable—Grab These 6 Cryptos Before They Hit the Mainstream

PENDLE Shows Strong Momentum, While THORChain (RUNE) Price Targets New Highs – Here’s the Outlook

Join our free newsletter for daily crypto updates!