Venezuela plans to dam the Orinoco to mine crypto

[Bandera Roja]

One day after announcing a stopgap measure to dam in inflation in Venezuela. President Maduro unveils plans to built the world's biggest hydro-electric powerplant in the world.

https://www.reuters.com/article/us-venezuela-economy/venezuela-to-remove-five-zeroes-from-ailing-currency-idUSKBN1KF36V

President Maduro signed a deal with the Chinese to built a dam in the Orinoco river near the city of San Fernando de Apure. This will create the world largest hydro electric dam with an estimated output of 42000MW, almost double that of the current largest hydroelectric plant the ' Three gorges dam' in China.

The built will take a decade to complete and will create a hundred thousand jobs for Venezuelan families.
The output of the hydro-plant be used to mine Petro, a cryptocurency the country launched in February this year.
Citizens will be able to use this currency to activate cars, trains, carnival rides and even aircraft from their smartphones.
It is also believed many tourists will be drawn to Madurodam.



https://es.wikipedia.org/wiki/Madurodam

https://www.panamericanworld.com/sites/default/files/styles/node-main-pic-700_320/public/329c0a5b33484e3aa2406dd7d089f73b.jpg?itok=XBh6Fwtz

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[elncrow]

Few days back Peru also came up with Perucoin. Now Venezuela is also planning to enter the trade even bigger. Good to see government is involving directly in crypto world. South America is taking pragmatic steps here.

[bontkoli01]

Petro’s connection to the govt. goes against the idea of cryptocurrencies. It is designed to be decentralised and free from govt. or central bank control. It’s not really a cryptocurrency, it is a digital token, backed by oil reserves.

[coppied]

Last year Pesonally I was tried to mining bitcoin. And successfully I can earn suffeciant bitcoin. But it costs much for me. But I hope there has some great opportunity to mining bitcoin.

[Theyetion]

To earn crypto I hope mining is one of the great way. But those need to be patient and practical in this platform otherwise they failed.

[Vengeance007]

There is a lot of forward in the Cryptocurrency in Venezuela. I think it's going to be very nice to get a new crypto. The Venezuelan government is behaving like a helper. Orinoco will do better in the future. The probability is much more.

[Hilows]

Orinoco dam project from Venezuela's Crypto mine is going to be a very promising project. Here's the government's cooperation. I think it will be good in the future. It seemed to me very secure and profitable.

[steplaza]

interesting news, however the  Venezuelan government is not in a good shape recently , I m not sure these internal decision taken by that government will have significant impact worldwide

[CorneliaMarket]

I think that’s a good plan.  Now-a-days crypto  mining is on of the great way to purchase cryptocurrency like bitcoin and others. Sometimes it’s expensive but I hope that’s one of the best way to purchase crypto.

[Piskeante]

building a hydro-plant for electricity in the cheapest country in the world for electricity. Are you kidding? another way of stealing the people of venezuela. Maduro is a corrupt-terrorist.

[MilfordGannon]

I truly appreciate their scheme. I totally agree with you that this hydro-plant program will open many opportunities to the citizens of Venezuela and the output of the project also bear an impact in a positive way to crypto currency.

[MidnightNugget]

This is really good news for the crypto world and the people of Venezuela and this types of projects such in market based on this if their precedent accepts this and if any problems not arise then it will be great.

[Barrycuda007]

This is a good news for the people in Venezuela. Not only will it be a great thing for the crypto market over there, but the president has picked up an eco-friendly method for this initiative. Let's hope the other countries will follow such green projects too.

[cryptodalton]

From my point of view this news is true. The president of Venezuela already signed a deal with Chinese to  built a dam near  Orinoco river. It will take to built twelve year and it will create thousand job. It is use for mine crypto , crypto currency launch here in February. I think it’s a great news.

[ETHxn4BTC]

From my point of view it’s a great news. The Venezuelan president already sign an agreement to built a dam. It will help to mine crypto. It will create more than thousand job. It’s a very good initiative I think.

[NeuroticFish]

1. I see no news backing your claim. The links you've posted don't help. And the wiki link is a joke. And there's already Guri Dam on Orinocco
2. I don't know about Petro mining, but since it's a gov't coin, they'd better premine it all and sell it like an ICO. I wouldn't trust anyway to invest or mine Petro, since I don't trust politicians.


I am not against the dam (although such huge dams usually mean a lot of people have to find a new home), but they could find a better use for that electricity, even mining a proper coin.

[IntelligentIdiot]

With Russia eventually adopting Cryptocurrencies, it is good to see that Venezuela is following suit when it comes to Crypto investment. Though with Chinese help I would say this is not decentralized. But then again, Crypto is crypto and as long as we can use it to earn and invest then I would say there is more that we can do to be successful. So I will check this development from hereon.

[zArow]

That's great news. If this type of biggest project involve in crypto market then i can surely say the the future of crypto market will more bright. The people of venezuela will be benefical if this is actually happen.

[Crypdon]

It's good when governments get involved, if it's successful then it will encourage others to follow. Peru is going to be next, and who knows what will happen after that. Brazil coin would be a game changer

[carlisle1]

Few days back Peru also came up with Perucoin. Now Venezuela is also planning to enter the trade even bigger. Good to see government is involving directly in crypto world. South America is taking pragmatic steps here.

But these countries are doing this kind of movement upon desperation because of their dumping economy,venezuelan action creating this huge electric provider is a great action to think that the title is exaggerated saying that tje creation of this is for crypto mining,I believe its not because of that but for the country development