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Author Topic: [2017-04-20] Why some Venezuelans have turned to bitcoin mining  (Read 169 times)
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April 20, 2017, 10:14:57 PM

In crisis-ridden Venezuela, mining this digital currency is providing a lifeline but comes with the risk of arrest.

In 2005, Randy Brito, aged 14, and his family fled Venezuela.

Back then, the country's oil-based economy was still booming. But under President Hugo Chavez's socialist agenda, widespread nationalisations and takeovers of private enterprises compelled many middle-class families such as Brito's to leave.

In 2011, while browsing the internet, Brito discovered the world of bitcoin on a dedicated forum.

A post described "bitcoin mining", a fully decentralised process where "miners" compete by making their computing power available to process and confirm transactions coming from a peer-to-peer network.
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