The Atlantic has reported that Venezuelan bitcoin mining continues despite government efforts to crack down on miners. Venezuela has long suffered from extreme hyperinflation, inspiring many Venezuelans to mine cryptocurrency to supplement their incomes.
With the annual inflation rate expected to reach 1,600 percent, Venezuelan bitcoin mining is likely to grow in the short term. Recent reports have indicate that the Venezuelan government has been initiating a crackdown on cryptocurrency mining, motivated by concerns that bitcoin may comprise a more attracting means of exchange than the Venezuelan bolivar.
Bitcoin mining is gaining popularity in Venezuela in part due to an abundance of cheap electricity. Despite many Venezuelans struggling to access basic commodities such food, most citizens are able to afford the power required in order to mine cryptocurrencies.
Full story at http://bit.ly/2fNgPjh
Source: Bitcoin News
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