Venezuela has long been a magnet for the cryptocurrency world due to its fast-growing population and lack of strong currencies. There are many transactions denominated in Bitcoin and other cryptocurrencies that take place in the country, and the government does not seem to be concerned about the activities.
A few days ago, the Sunacrip crypto-mining company announced that they are going to open four mines in Venezuela. In the fall of 2012, Venezuela became one of the world’s most attractive nations to mine bitcoins. The country’s advantageous mining conditions have attracted global bitcoin miners. The Bitcoin mining industry has grown rapidly since 2013, but the price of Bitcoin has fallen due to the rapid growth of alternative cryptocurrencies such as Ethereum.
Venezuela has become one of the world’s most attractive countries for digital currency miners, thanks to a cheap and abundant supply of power. A single Bitcoin token can be mined with the same amount of electricity that would power 600 American homes.. Read more about venezuela bitcoin and let us know what you think.Summary of the situation
– Sunacrip supports bitcoin mining in the country and tries to protect it.
– Venezuela is among the top 10 countries in Latin America in terms of cannabis energy indicators.
Sunacrip was asked about how crypto assets and related activities are monitored in Venezuela, as well as bitcoin mining. He complained about the police crackdown on cryptocurrency miners. However, Jesus Oviedo, president of Sunacrip, gave the opportunity to comment on the legalization of mining.
Sunacrip is a company that wants to boost the bitcoin mining sector in the South American country. Since 2018, cryptocurrency mining has been allowed in Venezuela, and many companies are taking advantage of it.
Venezuela has the most potential for bitcoin mining in South America because of its cheap hash energy. However, the outlook is worsened by extortionists interfering with mining activities.
Guarantees for bitcoin mining in Venezuela
According to Jesus Oviedo, director of Sunacrip, bitcoin mining is in full swing in the country. However, the illegal pursuit of these activities puts minors in the crosshairs of the police. Oviedo explains here that there is little that the organization can do to guarantee the minor’s freedom.
But Oviedo hints that he is campaigning with his legalised colleagues to help other miners. Oviedo explains that the steps to legalize the minor are a national matter.
Why is Venezuela suitable for mining cryptocurrencies?
Like other cryptocurrency traders, Oviedo thinks bitcoin mining is good for Venezuela for a thousand reasons. Firstly, electricity services are at a low level compared to Colombia, where prices are high. However, the quality of energy services leaves much to be desired and causes significant disruptions across the country.
While Sunacrip’s attempts to support bitcoin mining seem promising, they paint a different picture. As Venezuela’s national government tries to legalize cryptocurrencies, police forces are cracking down. Since bitcoin and other cryptocurrencies peaked in 2021, cryptocurrency mining has increased in the country.
According to Oviedo, mining farms for cryptocurrency are being closed by the police. A few weeks ago, authorities broke into a cryptocurrency mining company that had not passed a regulatory process. These methods of detention and deprivation of liberty are widespread in this South American country.
But the miners do not stop their activities, although they live in fear of being arrested. That’s because the digital gold rush will be huge as bitcoin recovers from its historic losses.
Sunacrip is expected to discuss with the Venezuelan government the cryptocurrency market for the future. A Latin American country can support virtual currencies or, on the contrary, demonstrate the failure of the crypto-currency ecosystem.Venezuela’s cryptocurrency economy is in a difficult state, as the country’s main electricity provider, Corpoelec, is struggling to keep up with the demand for electricity, causing a reduction in the availability of power at the country’s two biggest mining centers. As a result, Bitcoin mining is becoming increasingly difficult, and Sunacrip has decided to move its operations to other premises.. Read more about why did polkadot crash and let us know what you think.
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