The government continues to suppress Venezuela regardless of bitcoin mining

The government continues to suppress Venezuela regardless of bitcoin mining


According to TheAntlantic magazine reported that despite the government’s efforts to combat the miners, but Venezuela continues to bitcoin mining. For a long time, Venezuela has been suffering from extreme hyperinflation, which prompted many Venezuelans to supplement their income with encryption currency.

Bitcoin mining part of more and more popular in Venezuela is a large number of cheap electricity

With the annual inflation rate is expected to reach 1600%, Venezuela bitcoin mining industry is likely to achieve growth in the short term. Recent reports suggest that the Venezuelan government has launched a combat encryption currency action, due to fears that bitcoin may become a more attractive than the Bolivar transactions.

Bitcoin mining more and more popular in Venezuela, partly due to a large number of cheap electricity supply. Although many Venezuelans are in an effort to obtain basic commodities such as food, but most citizens have the ability to pay the money required for encryption.

“People have not stopped mining…… They are just in the deeper underground “founder RodrigoSouza Blinktrade

The authorities tried to blow the Venezuelan bitcoin mining first attempt JoelPadron’s arrest. Padron is the boss of a courier company, he bitcoin mining is to supplement his income. According to reports, Padron was arrested and charged with theft and because of “the crime of smuggling and detained for 14 weeks”. Since then, a large number of mining operations have become a target, the TheAntlantic newspaper claimed that in some cases the “corrupt police” will “steal mining hardware for personal interests”.

RodrigoSouza is a company in Venezuela bitcoin trading platform Surbitcoin, he said that although the authorities are hostile, but Venezuela bitcoin miners are still not blocked. Souza of TheAntlantic Journal said: “people have not stopped mining… They are only in the deeper underground.”

TheAntlantic magazine also reported that the etheric Fang mining more popular in Venezuela and. An etheric Fang miners told reporters, “the principle of Ethernet or bitcoin mining workshop is basically the same: to generate cash using free power…… But mining is cheaper — all you need is a free software with the computer and video card. Any officers could easily be mistaken for your miners is just an ordinary computer.”

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