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Sunday, May 19, 2024

Cheap electricity attracts Bitcoin (BTC) miners to Venezuela

Very low electricity rates have favored those looking to mine Bitcoin (BTC) or other
cryptocurrencies to do so in Venezuela. According to Theodoro Toukoumidis, CEO of
Doctorminer, to pay for the uninterrupted operation of more than 80 application-specific integrated circuits (ASICs), less than $ 10 a month is spent in this country. (Also Read: Salvador bought 400 Bitcoin (BTC) and is ready to legalize cryptocurrency)

At the moment, the network has about 1,500 miners connected. But undoubtedly there are many more people who would like to mine cryptocurrencies, but not all of them have enough money to buy the necessary equipment.

Why are there so few miners?

Mining is a way to extract Bitcoin (BTC) or other digital assets by solving complicated tasks
with the computer. The equipment must be powerful and, therefore, it costs a lot, in addition, it requires a lot of electricity for its operation, which also entails certain expenses.

According to The Times of India, Venezuela is an ideal country for mining. There this type of activity is legal and is under the control of the Superintendency of Crypto Assets and Related Activities (Sunacrip). But not all Venezuelans can become a miner. The minimum wage in the country does not exceed $ 10, while a proper computer costs around $ 400.

But even those who can afford to buy the necessary equipment and start the cryptocurrency mining process , face various problems. One of the most serious is regular power
outages. In August this year, the authorities cut off the electricity supply on several
occasions due to the overload of the network caused by a massive connection of miners.

Development of the digital economy in Venezuela

Many Venezuelans stopped working and started playing Axie Infinity, where AXS tokens can be received . This game is gaining popularity, even though access is no longer free. The growing number of bitcoin miners is also contributing to the development of the
digital economy in Venezuela.

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