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How Crypto is Helping Ukraine

With the recent Russian invasion, many have been finding ways to help Ukraine. The crypto community is showing their support by donating hash rate to Ukraine and also shutting down mining services in Russia.

Flexpool:

Flexpool_io made a post on Reddit stating that they are halting all service to Russia. This is a direct result of Russia launching a surprise invasion on Ukraine. They stated "We apologize to our Russian miners; many of you do not support the war. However, it is you who are supporting your nation. Without the people, Russia cannot operate. It is only through reducing the economic power of its people that we have a chance of affecting this war." We can see that on February 24th when Flexpool announced that they were closing down Russian services that the network hashrate for Flexpool dropped from ~64TH to ~52TH. Roughly a 12TH dropped after ending support but we can see a few days later we can see it spiking up to ~60TH back down to ~50TH. This could be caused by increased profitability on the pool (because of less competition) and auto miners such as NiceHash switching pools. You can find this chart on miningpoolstats.

Ethermine:

While Flexpool disabled services in Russia, Reddit users have spread the news about a wallet address that is being used to donate Ethereum to Ukraine. Currently this wallet address has 65GH/s meaning roughly 1 ETH or $2,623.38 is being donated per day. Here is the full wallet address: 0x165CD37b4C644c2921454429E7F9358d18A45e14

This wallet address was Tweeted out by Ukraine's official Twitter page. The other wallet address they Tweeted was for BTC here: 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P. This address has currently recieved 208.39 BTC totaling roughly $9,184,580.86.

Will This Help:

There is a saying: You vote with your wallet. Boycotting products, donating to charity or shopping at stores with higher morals has proven effective in the past. Dollar voting is an analogy that is used to refer to the theoretical impact of the consumers choice on the actions of the producers. The more support we show Ukraine as a mining community, the more we show that Russia's actions were unacceptable.

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