Venezuelans are using the bitcoin mining to improve their living conditions during the crisis

Venezuelans are using the bitcoin mining to improve their living conditions during the crisis

Excessive inflation was one of the consequences of the political crisis in Venezuela, which led to citizens looking for alternative means to buy their basic commodities. At this time they used the Bitcoin mining to cope with these conditions by making use of the very cheap electricity prices in their country. Making up to $ 500 a month through mining is a good thing, as many citizens get the digital currency without the cost of electricity and also avoid paper currency.

• Subsidized savings

While the currency of the bitcoin has already spread significantly in the country because of the financial crisis, other alternatives are also being sought including the ethereum coin. This is due to the heavily subsidized electricity market, as ordinary citizens put time and effort into mining the bitcoin. What is helpful is that the current president, "Nicolas Maduro", has made electricity so cheap that it is essentially free, so the usual cost of operating mining equipment is almost gone and mining work becomes more profitable for citizens in this crisis. With nearly $ 500 of the profit available with free electricity, this is a small fortune for the country in crisis. Citizens who are mining the Pitcairn found that it is possible to operate a number of mining machines conveniently at the same time during the month to reach these targets of profits.

• Hide campaign

However, this process remains risky for citizens as there is a campaign to impose order on such acts, as digital currencies are not yet governed by laws and operate within the dubious region. There are no laws on bitcoin, either its support or prohibition, but it is clear that the legislature and the police are not very enthusiastic about such encryption activities. In addition, it may be reported that the two minerals were captured and charged with false charges. But this will further spur these works out of sight, as well as try to mine other electronic currencies such as ethereum for greater profits with greater risks as well.