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On the hunt for fast money: A Swiss company prospecting cheap Bitcoins in a North African duty-free warehouse. It’s a crypto currency story of the curious kind. After the multiplication of Bitcoin’s and Ether’s courses and the recent founding of a futures exchange for crypto currencies in Chicago, a few young Swiss entrepreneurs are now smelling the morning air. They set up a large crypto currency production in Tunisia, even on a global scale.

The crypto prospectors from Eastern Switzerland claim to be “the most established company in the market”, which is involved in the crypto business “from a business point of view”. The company’s name is Mymultiminer, and its managing director Alexandre Touihri has been working for it since November.

Turnover of up to 150 million Swiss francs

By the end of 2018, he expects to have already generated sales of 100 to 150 million francs. Mymultiminer is a mining computer management company based in Wallisellen, a subsidiary of Cryptec and part of the Auf der Mauer ( ADM) group of companies based in Baar.

In the final phase, 35,000 handbag-sized computer systems, each with nine high-performance graphics cards, will be set up in specially erected halls covering the area of two football pitches in Tunisia and will dig for coins. The computers will not be owned by ADM, but by the investors. A computer costs the investor at least 4,000 euros – multiplied by 35,000, this equates to CHF 150 million in turnover. The customer acquires physical property.

He owns the computer and what it generates in crypto currencies, less operating fees of 28 percent in coins. We therefore have the incentive to mine as much as possible with high performance, because our success also depends on it,” says Touihri.

The company is responsible for power supply, maintenance, security and software updates. The investors are dependent on the performance of the crypto currency: If it approaches zero, the graphics cards remain with them.

Low electricity costs in Tunisia

From the company’s point of view, the main attraction lies in the low electricity costs in Tunisia. Electricity is the biggest cost driver for high-speed computers. Since the machines are located in Tunisia, the costs are low: Sociéte Tunisienne d’Életricité et du Gaz supplies the kilowatt hour for the equivalent of 4 centimes, which is a quarter of the costs that would be incurred in Switzerland. In addition, Cryptec’s Tunisian subsidiary sets up the systems in a duty-free free trade zone, which saves the import fees for the computers. What is mined goes 100 percent abroad – there is no tax liability at the site.

Behind this operation is the largely unknown group Auf der Mauer. The group is only a few years old, operates at a top address in Zurich District 1 and advertises like a traditional, value-conscious asset manager with a Swiss character. The company founders see themselves as management consultants and start-up incubators.

Before founding its subsidiary Cryptec, ADM had a turnover of CHF 3 million in 2016. With the new mining business, Touihri considers up to a fifty-fold increase in twelve months to be realistic. He does not have any concerns about possible peasant trapping or potentially illegal activities. Because: Mymultiminer does not need Finma regulation, as it only trades in goods with computer systems. And: “Our management concept is currently one of the few compliant investment opportunities for private investors in the cryptoming sector”.

Where no plaintiff, there no judge

In fact, Mymultiminer does not have a Finma licence. It also does not comment “on any licensing requirements for these companies or certain business models”. This is how long the motto applies: “If Finma has indications of possible breaches of supervisory law, it will investigate them and take action if necessary. The assessment of licensing requirements is based on the specific individual case,” says spokesman Vinzenz Mathys.

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