For mining Bitcoin you will not need so many ingredients. You will need a free software, a steady supply of electricity and a computer. More and more people are mining Bitcoin, but the Venezuelans are mining the most.
Bitcoin gives the possibility to all people to change tokens without relying with banks. All the necessary record-keeping is on a “blockchain”. The “blockchain” is a ledger that registers all the history of all Bitcoins. Investors of crypto exalt the decentralization.
In functioning democracies with reasonable rates of inflation, there is limited take-up because there are so many other options on offer for creating wealth or for investing. Venezuelans don’t have another option since bolivar has lost 99.9% of its value since 2016. . Even Jamie Dimon, a well-known banker who called Bitcoin a “fraud” that will ultimately “blow up”, has admitted that, in somewhere like Venezuela, it might be useful.
Mining Bitcoin in Venezuela
Venezuelans imported a machinery Antminer S9, that reaches almost roughly $2000 on Amazon, that makes a lot of noise and consumes few energy. Electricity price controls have subsidised supply. According to data from Crescent Electric Supply Company, Venezuela is the cheapest place to mine Bitcoin in the world. Miners are buying underpriced electricity and changes over it into Bitcoin to make profit. Venezuela trades more bitcoin than China. Venezuelan miners can earn hundreds of dollars a week, a relative fortune
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Unfortunately, the government has caught on. President Nicolas Maduro does not like Bitcoin miners, and the government’s ownership of the electrical grid enables it to locate, and crack down on, those using the unusually high amounts of electricity that bitcoin mining requires. There are no laws regarding cryptocurrencies, so targets have been arrested on spurious charges such as energy theft. Officials have seized the mining equipment, some of which have used it for their own gain. While Bitcoin can protect from the tyranny of governments printing money, other kinds of tyranny remain unchecked.