Post
Topic
Board Mining
Re: Venezuela bans crypto mining
by
avikz
on 23/05/2024, 05:55:58 UTC
Can solar power able to mine bitcoins/ Crypto Strongly? If possible strongly it will be good.

This move follows a recent crackdown involving the confiscation of 2,000 cryptocurrency mining devices as part of an anti-corruption initiative.

https://cointelegraph.com/news/venezuela-bans-crypto-mining-to-protect-power-grid

Are you sure that Venezuela government isn't going to use these devices to mine bitcoin for themselves? The possibility is very strong because this country is struggling with hyperinflation since a long time now and they must find new sources of income as US barred them from selling oil.

It's quite unfortunate to see such a crackdown! But I believe if the miners can find an alternate source of electricity through solar panels or hydro powers, the environmental impact will be greatly reduced and the dependency on the national power grid will be zeroed down. But it's easier said than done!