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SWITZERLAND BECOMES A TARGET FOR CRYPTOCURRENCY MINERS

At the end of 2018, Switzerland was highlighted with the launch of an exchange-traded product (ETP) based on a cryptocurrency basket. The country has been highlighted by its strong technologies and by engaging in the crypto universe.

Recently, the village Gondo, in Switzerland, became a stage for a new gold race. The cold weather promotes mining cryptocurrencies (on the Alps, the temperature can reach -40°F or lower). Another benefit is the low cost of electric energy in the region, which attracted one of the biggest mining and cryptography companies in the country, Alpine Tech.

A bunker – a type of fortified refuge usually built on the underground, made to resist war missiles – was developed inside one of the oldest gold mines near the local villages, by businessmen of the field. Near 900 GPUs (Graphic Processing Units) were taken to this bunker to mine Bitcoin, Ethereum, and other currencies. The huge company Apline Tech operated these mining facilities all over Europe.

Facing some difficulties while mining cryptoassets, the biggest issue is the usage of energy. Plastic tubes that take cool air to the bunker were installed and are constantly working to refrigerate the processors and improve the steps of the system.

Switzerland has always been highlighted due to its success in technology. Since it entered the cryptocurrency world it has not changed, and it tends to grow even more. Because of the strong economy in the nation, that already had its GDP higher than many great economies in Europe, Switzerland is also known for its capacity to innovate and by the efficient political system that value financial privacy.