Daily Roundup: 6th August 2018 – Swiss finance sector goes Crypto, India builds blockchain district % BTC hash rate reaches 52 quintillion

Bankers and regulators in Switzerland leave their jobs for crypto sector

Switzerland is commonly known for its liberal handling of financial matters. The country has comparably few resources and the mountainous landscape of the country makes both maintenance of the infrastructure and transportation expensive. Still, the country is one of the richest and most successful in Europe. The finance minister of Switzerland confirmed on the G20 summit that the Alp republic has a positive stance of cryptocurrencies. Obviously, this view is shared by a majority of the Swiss people. Zug and Zürich are hubs for crypto start-ups and they attract many skilled workers of the financial sector. Crypto is slowly but surely developing to move above regional interest in Switzerland.

Local state government in India builds blockchain district in its capital

Local tech company Tech Mahindra has signed a MoU (memorandum of understanding) with the local government of the Indian state of Telangana. The MoU states that both parties intend to collaborate in building India’s first cryptocurrency district. The government will provide the infrastructure as well as the regulatory work to attract blockchain companies. Mahindra, on the other hand, will supply its know-how and expertise in the sector to adjust the construction of the district to the needs of the crypto sector.

Bitcoin reached hash rate of 52 quintillion

52 quintillion is an unimaginably high number (52,000,000,000,000,000,000). It means that the Bitcoin network can now handle 52 quintillion computations per second. Bitcoin’s hash rate growth has been rising exponentially since about a year now. An interesting fact is that Bitcoin’s rival Bitcoin Cash is often keeping pace with Bitcoin at a rate of 10:1. However, recently Bitcoin has outpaced its fork and the ratio has slightly shifted closer to 11:1. The average hash rate of BCH is currently at around 4.2 EH/s. So 4.2 quintillion hashes per second.