Venezuela is on the way to have a Bitcoin Mining “Boom”
Cheap cost of energy and the interest in digital currencies make a match to grow the digital industry in the country
The cheap cost of power in Venezuela is becoming an incentive for mining companies to establish in the country. Some investors are aiming at this opportunity since Venezuela is one of the countries that are starting to see the benefits of this new digital world, from Bitcoin to play-to-earn games such as Axie Infinity.
Even though the cost of the mining machines could be expensive, what is paid in energy resources is incomparable: the CEO of Doctorminer, in an interview with Bitcoin.com, said that 80 ASICS working non-stop could together cost less than $10 in power monthly.
However, power stability is still a concern. The country has faced some blackouts in the past and miners have had to adapt their infrastructure in order to deal with the compromised power grid. Another concern is regarding the massive power consumption and the consequences of it in the country's ecosystem.
On the other hand, it is good to remember that cryptocurrencies and play-to-earn games are changing people’s lives and realities in many emerging and third world countries. With damaged economies, decentralized financial systems could provide a way out of difficult situations and digital currencies, which are not regulated by the government and therefore are not under the country’s inflation, are becoming a solution for many.