Quote from: avikz on May 23, 2024, 05:55:58 AM

Quote from: SAHASAN on May 19, 2024, 04:20:09 PM

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!

Honest question, how much financial impact will these devices make when we are talking something on the scale of a country? And do you think the electrical shortage was just a pretext for confiscating the equipment for their own use?

Evidently it is clear that the country has an electrical shortage problem, we know crypto mining uses massive amount of electricity. When you have these many devices it can create a significant impact on a nationwide scale. These statements are already proven. And just by that, it does appear to me that it could be a plausible reason to shut it down. I don't see evidence for any kind of surreptitious intent.