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Crypto Mining, an untapped market in Zimbabwe

 

Business Reporter

CRYPTO mining still remains a mystery to the bulk of the Zimbabwean populace as evidenced by low uptake of this digital mining resource, with local entrepreneurs taking a long hard look at blockchain technology and its possible applications.

Zimbabwe has great potential to become a friendly environment for Cryptocurrency entrepreneurs if people are fully educated on how the crypto mine works.

Zimbabwe is not the only country that is still assessing the pros and cons of crypto mining. The attitude of most African countries can be classified as unfavourable and undecided.

Speaking to Mining Index, South Africa based, Philip Van Rooyen, indicated a low uptake of the Cryptocurrency in Zimbabwe. ‘There is to my knowledge only a hand full of people involved in Cryptocurrency mining in Zimbabwe.’

‘It is also unclear how many people are involved in Zimbabwe with Cryptocurrency trading that is why we educate people on the options open to them,’ he added.

Described as the worlds safest and most secure Cryptocurrency mine, Bitcoin is the biggest among over 2000 Cryptocurrencies.

‘Van Rooyen defines Bitcoin mining as ‘Rewards given by the blockchain for transaction verification. There is no trading involved. Equipment is bought to do the verification, cutting out other intermediaries like banks, PayPal and Visa among others.

‘Bitcoin is the future of money. It’s the first decentralized digital currency that works peer-to-peer without needing a bank of central repository,’ he said.

Van Rooyen says he is collaborating in building new technology businesses expanding into Zimbabwe and Namibia, adding that ‘Cryptocurrencies are indeed a solution to people who want to get ahead in life because of the person to person transactions at a very low rate. Not the 5% rate that banks charge to facilitate transactions.’

Mining is the backbone that allows Bitcoin to function. New Bitcoins are created as a reward for miners who secure and record payments in the blockchain.

On the international market, a number of renowned millionaires and billionaires have embraced and are already trading in crypto mining.

Sir Richard Branson, an English investor, and philanthropist has invested over $30 million into Bitcoin. Marc Andreessen an American entrepreneur, investor, and software engineer, has so far invested $50 million in Coinbase and has vowed to invest hundreds of millions more. Bill Gates, American entrepreneur, philanthropist, investor, and computer programmer has also made investments in crypto mining.

Apart from embracing cell phone and mobile banking technology, the blockchain and Cryptocurrencies has had little effect in Africa.

It is however a different story in Asia, Europe and America. Japan has been viewed as the Cryptocurrency hub of Asia. The approval given to Impak Coin became the first Canadian approved Cryptocurrency, strengthening Canada’s position as a force in the North American crypto scene.

Cryptocurrencies generally enjoy favourable government policies in Europe. Germany is one of the few countries where Bitcoin is actually recognized as a legal currency, with Holland, UK and France falling in the basket of countries that have adopted crypto currency in Europe. ENDS//

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