Bitcoin Mining Is Gaining Popularity in Venezuela in Part Due to an Abundance of Cheap Electricity
The short term recently reports have indicate that the Venezuelan government has been initiating a crackdown on crypto currency mining. The bitcoin mining is gaining popularity in Venezuela in part due to an abundance of cheap electricity. The most citizens are able to afford the power required in order to mine of crypto currencies.
The people have not Stopped Mining. They have Just Gone Deeper Underground. The authority to crack down on Venezuelan bitcoin mining was the arrest of Joel Pardons. The padron is the owner of a courier service who started mining bitcoin in order to supplement his income.
That is the reported that Padron was arrested and charged with energy theft and possession of contraband and detained for 14 weeks. They have stolen mining hardwires.
The parent company to Venezuelan bitcoin exchange Surbitcoin has stated that the Venezuelan bitcoin miners remain undeterred despite the hostilities from authorities. One of the Ethereum miner told reporters that mining ETH and bitcoin is pretty much the same principle so they using free electricity to generate cash.
source https://news.bitcoin.com/venezuelan-bitcoin-mining-continues-despite-government-crackdown
