Mining Bitcoin In Venezuela with Juan Pinto and Theo Toukoumidis | HASHR8 Poscast


Venezuela versus cryptocurrency mining ...

Venezuela against cryptocurrency mining in office real estate

  • Venezuela Against Cryptocurrency Mining Due To High Power Consumption.

  • The network blames the authorities for the current situation and the deterioration of the mining climate in the country.

  • Venezuela experienced its largest blackout in history last year.

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Venezuelan authorities decided to ban cryptocurrency mining in state microdistricts due to high electricity consumption.

Venezuela is increasingly tightening the illegal circulation of virtual assets in order to oust competitors of the national digital cryptocurrency Petro from the market.

According to a statement from Venezuelan Housing Minister Ildemaro Moises Villaroele, cryptocurrency mining is now banned in any office space, including government areas.

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According to Villaroel, the new solution is part of a large-scale project to provide housing for the poor under the Gran Misión Vivienda project.

Despite the fact that Venezuela decided not to ignore the potential of cryptocurrency technologies and created its own product, the population of the country does not use the new currency very much, but tries to bypass the regulations to mine Bitcoin or other large altcoins, for example, DASH.

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Villaroel said the mining ban is due to high electricity consumption.

Venezuela versus cryptocurrency mining ...

As such, this type of activity violates the country’s electricity supply policy, the minister said..

However, not everyone liked the minister’s explanation..

Social media claims Venezuela neglected to improve its electricity supply when it had the opportunity, despite the problem being present for a long period of time..

Power supply problems were felt most during the power outage that affected the entire country last year..

Mining damage

Venezuela experienced its largest blackout in its history in March 2019.

Venezuela versus cryptocurrency mining ...

Then the authorities accused the opposition, as well as hackers from the United States of cutting off the power supply..

At that time, opposition leader Juan Guaido said that the result of the blackout was the ineffective actions of the government of Nicolas Maduro.

Russia is also trying to fight against shadow miners.

Venezuela versus cryptocurrency mining ...

Rosseti complains that underground miners are stealing electricity worth millions of rubles a year.

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Over the past three years, the total damage from the actions of illegal mining farms and retail miners, according to Rosseti, has exceeded 450 million rubles.

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