Bitcoin mining helps Venezuelans through the crisis


nnnThe political crisis in Venezuela led to devaluation of the currency, people began to seek other shopping channels and profitability. Especially the domestic electricity subsidies to enable it to run a large number of coins and other encrypted currency mining equipment, from which a large amount of considerable income. However, because the current unregulated encrypted money field by the government’s blow, so most of the underground.n
nnTranslation: Annie_Xun
nVicious inflation is one of the products of Venezuela’s political crisis, and people are looking for alternatives to buying necessities. So by the advantage of cheap electricity, residents began to resort to Bitcoan mining.n
nThrough the mining monthly income of 500 US dollars, many residents to avoid the high cost of electricity, put aside the legal currency to digital money for a living.n
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nElectricity subsidiesn
nAlthough the financial crisis led to the surge in domestic bitcoin prices, other alternatives have also received attention, including the currency. Of course, because there is a lot of subsidies for the power market, the general residents can take the time to spend more bit together to dig mine.n
nNicolas Maduro, the incumbent president, has drastically reduced his electricity bill and is almost free of charge, thus eliminating the general costs of running mining equipment and bringing great profits to the inhabitants of the crisis.n
nElectricity subsidies make mining profits up to $ 500, seen as a small fortune for countries in distress.n
nDemolition of the residents found that you can run a single month on a single device, you can achieve this goal.n
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nHit the encrypted currencyn
nHowever, this is still a risk to the residents, because the government to combat such activities, digital currency is not regulated, so the relevant operation in a gray area.n
nAt present there is no special currency regulations, advocates or prohibitions are not all, but it is certain that the legislative and law enforcement departments are not so enthusiastic about the monetary activities.n
nThe report shows that miners were arrested for counterfeiting charges, so people in order to avoid the formation of underground market prosperity, while the Taibai and other mining activities, with high risk for high returns.n

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