[2017-08-09] Starving Venezuelans Turn to Bitcoin Mining in Desperation

[tyz]

Starving Venezuelans Turn to Bitcoin Mining in Desperation

Many people in the troubled South American nation have turned to Bitcoin mining in a desperate attempt to fend off starvation and keep their families alive.

The once thriving South American nation of Venezuela has been sliding into an economic apocalypse over the last few years. The socialist regime of Hugo Chavez has been followed by current President Nicolás Maduro, and the economic policies put in place has transformed a country with more oil reserves than Saudi Arabia into a literal hell on Earth.

http://bitcoinist.com/starving-venezuelans-turn-to-bitcoin-mining-in-desperation/

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[Siren]

This is not the first time that we already heard Venezuelans turned into bitcoin to help them survived the economic crisis in there country which is becoming worst every month. I think they are using bitcoin to bought things outside of Venezuela like foods and other basic necessities. I think this is the best options for them because bitcoin has offered them alternatives not offered now because of the worsening crisis or economic apocalypse that the country have gotten into. Only wish for the best for the Venezuela bitcoiners and the whole population in general.

[Slow death]

The rate of inflation will reach 1600% this year according to experts, I see on TV news about Venezuela, Maduro and his allies are destroying the country... unfortunately the opposition force is very weak and many people allied to maduro are still blind

It's good to know that bitcoin is helping them right now.

[Granxis]

I have already heard the same news, not new news, as Venezualan people are mining illegal electricity because their economic situation is not good, at the same time government officials are doing it very often.

[Zicadis]

Just how long will this go on if people are detained for Bitcoin Mining which is there only way to survive...
It seems like every time Venezuela makes the headlines the country's economic situation seems to worsen probably because of political instability but can this be attributed to the heavy dependence of oil? If thats the case why not diversify their economy to save it because i Know most south american counties have some nice natural sightings  which could attract tourists and bring in revenue.

[IdVerification]

From the above article:

"BITCOIN MINING CAN MEAN THE DIFFERENCE BETWEEN LIFE AND DEATH

Into this awful situation comes an unlikely savior in the form of Bitcoin. The Atlantic is reporting that many desperate Venezuelans have turned to mining bitcoins in order to feed their families. This unlikely scenario has come about due to one mitigating factor: electricity in this impoverished nation is essentially free as a result of the central government massively subsidizing it.

Cheap power has allowed people to operate Bitcoin miners without the usual accompanying cost. Reports have stated that successful Bitcoin miners can earn up to $500 a month, which is enough to fully feed and supply a family of four. As the country’s cash currency is essentially worthless, many businesses and people are now using bitcoins to exchange goods and services."


Amazing that in the middle of the turmoil and unrest it is still possible to put together a bitcoin mining rig able to generate such income. That's a great way to capitalize on the low cost of electricity but I'm more impressed that they were able to assemble the high powered rigs in the first place.

[west man4]

Too bad for them.
As they were richest nation of all of South America.
With all their oil reserves.
But times have changed.
And now they are suffering for not adjusting to the times and getting away from fossil fuels.
As most rich nations should.
Don't they know the money is in crypto now.

Get with the times these ancient old world rhetoric.