Cheap Power Brings Bitcoin Mining Boom to Venezuela as Country Moves Toward Digital Economy

Cheap Power Brings Bitcoin Mining Boom to Venezuela as Country Moves Toward Digital Economy


The very low power rates in Venezuela have created a powerful incentive to mine Bitcoin for a lucky few that have the capital (and dare) to purchase miners and infrastructure in the country. The rise of digital currencies has created a new industry that uses cheap energy and turns it into precious Bitcoin. In other regional news, Axie Infinity, a play-to-earn game, has created opportunities for the less fortunate ones. The country is going digital because of the possibilities these new tools offer.

Cheap Power Creates Mining Opportunities in Venezuela

The cheap cost of electricity is creating opportunities to leverage this resource and turn it into bitcoin, a more scarce and valuable resource. This is what many investors have been doing in the country. Theodoro Toukoumidis, CEO of Doctorminer, a services-oriented Bitcoin mining company, has more than 80 ASICS working non-stop. According to him, all those machines put together cost less than $10 in power monthly.

Trending: American Airlines Flight Turns Around and Kicks Off Mother and Her Asthmatic 2-Year-Old Baby Over Mask Policy — Police Meet Them at the Gate

However, each of

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend