Venezuela is one of the countries with the cheapest electricity in the world which explains why they have so many miners and the state is regulating them and creating even more.
Electricity is so cheap because it is heavily subsidized and sold under its real costs. The electric system of Venezuela is in shambles as shown by rationing and frequent blackouts. From the perspective of the country as a whole the opportunity costs are high, as through mining the precarious supply of electricity is diverged from other essential uses, as for instance live saving operations.