Post
Topic
Board Bitcoin Discussion
Re: Venezuela situation and Bitcoin mining.
by
Thryskiller
on 20/02/2022, 04:40:32 UTC


I read a news months ago of some parts in Venezuela having problem on the supply of power so there was frequent brownouts then...has this problem been fixed or your location has no problem on supply? Now, having said that, what about the policy of the government on Bitcoin mining? This is so important because if the government will imposed a ban or severe restrictions then things can be put to a stop. On this aspect alone, if I am an investor then I would probably explore more opportunities in El Salvador which is now promoting its Bitcoin City concept to attract businesses related to cryptocurrency. I hope that the Venezuela government can take advantage of this opportunity by maybe establishing a special economic zone focusing on high-tech and crypto-aligned business activities.

About the power issues, yeah, it all depends on the region you are. Where I live, the last serious serious problem related to the electric system was a blackout that affected 21 or so states of the country, it lasted less than 2 hours to get fixed here. Before and after that incident, I just had small power outages once a week, but that's it. There are also other states that have concurrent problems with electricity. Also, bitcoin mining is not allowed everywhere, sunacrip is actually allowing farms in states that are not hard affected by this kind of problem or where farms can cause shortage problems, charge is getting distributed. But I can say, compared to years ago, the problem with power shortages and long blackouts is getting fixed or that's what it looks like. Even if you decide to start mining on a shitty part of the country, I'm pretty sure it'll still be profitable.

About the government, I haven't heard about any plan on baning cryptocurrency or mining. You are not going to have any kind of problem with your farm, you just need to do it legal. Only thing I heard related to crypto is about a tax from 2% to 20% for every transaction (buying or selling of products, land, cars etc) using cryptocurrency or US Dollars. They want the people to use our national bill, but I don't really know much about this reform. I think this will affect you only if you plan to live here and use US Dollar or any cryptocurrency on a daily basis to pay for things. I can be wrong.

I'm also hoping on Venezuela to hop on the El Salvador train. We will see.