Given this situation, and taking advantage of an energy price still available in Venezuela, some Venezuelans have sharpened their ingenuity and have put their sights on Bitcoin mining as a source of precious foreign currency with which to pay on the Internet for products that do not reach to the shelves of supermarkets in your country. As you can read in this news from The Atlantic, taking into account the low cost of energy, a Venezuelan can get with Bitcoin mining crypto-coins worth $ 500 per month. All capital for the national standard at this time, and most importantly, a way to get vital currency, and to avoid the continuous devaluation of the bolivar against other currencies to be able to buy in online stores from other countries.
As you can read in the previous article, Bitcoin has even become a currency commonly used in the country for those who are not miners, and do not even have a team with which they solve the mathematical equation of Bitcoin and mint new units of this crypto-currency The common citizen has seen in Bitcoin, no longer a way to get extra income for their battered family economies, but Bitcoin has become the only way out for many Venezuelans to escape hyperinflation. With their meager savings and monthly income changed to Bitcoins, at least Venezuelans are guaranteed that their assets will not continue to be devalued minute by minute in such an important way, and that not only Bitcoin is a safe haven currency, but it also revalues day to day. day, although we are already talking about the risks that we may be attending a bubble in Bitcoin and other crypto-currencies in this analysis.
But the Venezuelan authorities do not seem to like the idea ...
But the truth is that the last movements of the authorities, and more specifically of the Venezuelan security forces, seem to be directed towards the objective of preventing the Venezuelan miners from being able to continue with their activity of survival. The Nicolás Maduro regime seems to have found a new public enemy in the Bitcoin miners, and as a scapegoat, arrests take place throughout the country.
Before the legal vacuum that supposes the lack of legislation in Venezuela on crypto-assets, the police are making indiscriminate arrests among the mining community of Bitcoin, and accusing them with arbitrary charges. In some cases, the charges coincide in being for theft of energy and contraband, but no matter how much the authorities shout on them, they do not amount to much less as a result of formally established legislation, but rather improvised, arbitrary, and free interpretation. Given this development of events, some Venezuelan miners are leaving their activities in the Bitcoin world, while others, who have not wanted to give up the crypto-currency, have been pushed into the underground world.
Some strategies that do not give up their mining activity, is to devote to another crypto-currency: the Ethers of the Ethereum blockchain network, about which we have already spoken on some other occasion as in this analysis on the security of their smart contracts, or also in this article by Engadget. And of course you will be asking, And why is Ethers mining not being persecuted in Venezuela and Bitcoins mining? Well, the truth is not that Ethers mining is not being persecuted. It is also. What happens is simply that the equipment needed to make Ethers mining is a simple PC with a powerful GPU video card, which is cheaper than its counterpart to make Bitcoin mining (with which the profitability is greater), but that can also go unnoticed in the records in view of the police, since it is literally a normal PC.
How many people can buy bitcoin there? I think for many people it is out of reach.
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