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Monday, September 11, 2017

Bitcoin Mining Thrives in Venezuela Thanks to Hyperinflation and Free Electricity

Bitcoin Mining Thrives in Venezuela Thanks to Hyperinflation and Free Electricity

Venezuela is home to one of the world’s worst cases of hyperinflation since the Weimar Republic. For example, a McDonald’s Big Mac there now costs half a month’s salary. The country’s annual inflation rate has surged to 1,600 percent, The Atlantic reports.

This might not be an ideal situation to live in. As the high percentage of inflation continues to soar annually, citizens do not enjoy time queuing for lines with empty shelves, nor piling stacks of bills in front of the store’s cashier.

Venezuelans have found a better alternative to escape hyperinflation. They’ve taken Bitcoin as an alternative, and  mining Bitcoin has become big in the country.

To further utilize the cryptocurrency, data-crunching power is implemented to earn more Bitcoin. People utilize digital equipment such as specialized computers, with Bitcoin miners helping the cryptocurrency market to hit its record high in 2016.


Full story at http://bit.ly/2xRNtnx


Source: CoinTelegraph


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