Bitcoin Miners Make Big Profits but Fear for Safety in Venezuela
In economically-ravaged Venezuela, bitcoin has proven to be an important alternative currency, according to an article in Reason Magazine. And because the government supports cheap electricity, bitcoin mining is highly profitable. But while bitcoin mining has helped provide an economic lifeline to much of the country and made miners wealthy, government harassment and violent crime have dogged the country’s mining community. As the country’s economy further disintegrates, bitcoin becomes more widely used as both cash and the national currency have lost much of their value. Bitcoin has more....
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Authorities seized more than 400 Bitcoin miners in Venezuela this weekend in two major confiscations. Local reports indicate military personnel seized 332 miners from a transport truck. In another procedure, authorities seized 72 miners hidden in a house. These activities resulted in the apprehension of four individuals. Mining in Venezuela is perfectly legal, but it requires permits and licenses from Sunacrip. 400+ Miners Seized Authorities in Venezuela seized more than 400 mining machines last weekend in two separate events. In the first, 332 miners were seized at a control checkpoint in....
Earlier, we reported that bitcoin was bringing fairly dangerous conditions to miners in Venezuela. Sure, bitcoin mining is a great way to make money in a financially unstable country, but if the government is pushing for limitations on bitcoin use, that can definitely be a problem. Bitcoin mining isn’t necessarily illegal in Venezuela, but trust surrounding its nature is virtually non-existent. The nation’s native currency (the bolivar) has reached a dead end in recent months thanks to hyperinflation and a struggling economy. ATMs now have withdrawal limits of approximately 10,000 to....
Bitcoin miners have been in a bind for a while now. When the price of the digital asset dropped, it inadvertently affected the cash flow and profits made from mining activities. Hence a lot of miners have had to sell off their BTC holdings to make ends meet. Public miners have not been left out […]
Reports say Venezuela has now legalized bitcoin mining following the decree recently issued by the National Superintendency of Crypto Assets and Related Activities (Sunacrip). As part of the new regulations, all entities and individuals interested in legally mining bitcoin and other cryptocurrencies must now apply for a license from the agency. According to a report, the decree will result in the creation of a National Digital Mining Pool (NDMP), a body that “seeks to bring together all the miners operating on the Venezuelan territory.” Meanwhile, the decree document, which....
Perhaps the biggest announcement is how SurBitcoin saw their bank account being revoked this week. The bitcoin situation in Venezuela seems to be evolving in the wrong direction as of late. After four miners were arrested last week, four others were taken into custody this week. Moreover, the country’s leading bitcoin exchange had its bank account revoked. Things are not looking all that great for cryptocurrency in Venezuela, although bitcoin will find a way to route around these problems. The four new arrests in Venezuela paint a troublesome future for cryptocurrency in the country.....