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Venezuelan Citizens Turn To Cryptocurrency Mining

Hyperinflation in Venezuela is currently ravaging the country. Workers are earning less than ever, the supply of food and water are diminishing while people’s savings are now completely worthless.

Because of this issue, cryptocurrency has become a popular alternative among many citizens. Despite Bitcoin and the rest of the cryptocurrencies being extremely volatile, they are still much more stable than their own currency, the Venezuala.

But the cryptocurrencies themselves is not the only thing that has become popular among the citizens of Venezuela, a ton of people are now also mining it. In Caracas, the capital of Venezuela, free electricity is available for many citizens.

Electricity is one of the main obstacles to running a profitable mining farm, which has caused major mining firms to move their operations to Iceland as electricity there is very cheap there. But, what is better than cheap? Free. Having free electricity guarantees profitable mining long term as long as the market doesn’t go to 0.

This is exactly why many citizens are installing mining rigs into their home, earning them some very much needed extra cash. Most people with a single or a few machines are earning around $6 a day mining, but some are reportedly earning around a $1000 a month, which is very impressive for a private operation.

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