Bitcoin Forum

It seems that we constantly hear about the Chinese miners, but it seems that the cheapest electricity in the world is in Venezuela. There is an article about it in the Bitcoin mag.
https://bitcoinmagazine.com/articles/bitcoin-in-south-america-why-venezuela-has-an-active-bitcoin-mining-community-1452097837

Is Venezuelan mining significant at the moment? You don't seem to see many blocks mined by them.

Electricity is cheap in many third world countries. Hence mining is witnessing a boom over those places.

Well according to the article, there's someone there that owns close to 1 Petahash of mining power but maybe that's why we don;t hear much from there as comparison to Chinese miners. There are enormous amounts of mining farms in China but same can't be said in regards to Venezuela (AFAIK), so no, at the moment, their mining, is not that much of significant at the moment as compared to other countries (mainly China).

Best info is actually a few threads down - https://bitcointalk.org/index.php?topic=1231822.0 .  It has multiple people from Venezuela in it talk about mining.  I would move question over to it  as it's already 11 pages :).  No need for another thread of same topic.

the future of bitcoin in venezuela is uncertain.. the government of Bolivia banned bitcoin in its country.. also under venezuelan law, bitcoin is regarded as property and not currency...

Could it not be that they are pointing that hashing power towards the chinese pools? That way they could go relatively undetected as the chinese pools forge the blocks.

Im not sure about the current situation in Venezuela, but I guess people will wamt to hide their million dollar mining farms in a country like venezuela even more than other countries.

Venezuela's has frequent power outages which have been happening on and off for about five years but became worse this year owing to extremely low water levels in the main hydroelectric dam and these things  are making daily life especially miserable for the common people. With no electricity most of the time, how come these bitcoin farms sustain . i have seen some threads regarding the farms but i dont know how they are coping with the current situation

I still suggest closing thread and heading over to https://bitcointalk.org/index.php?topic=1231822.0 . You will see months of talk around it.  It has small and big miners at times in it.

I personally think it's a risky bet.  But for every thing I topic I would bring up in other thread you will see Venezuela miners defend it.   I have learned some have a very proud view of country.   I think official monetary rate, black market monetary rate, government control of so much, corruption, electricity shortage's,  etc..... make it hard for me to believe it's a great mining area.   

But for every bad thing you mention someone will defend.... I see it happening in this thread after certain users see it.

Similar thread here: https://bitcointalk.org/index.php?topic=1231822