Is mining in Venezuela illegal?

[frankXu28]

I read news about mining forbidden in Venezuela.
I am curious about Venezuela policy for mining,because there have cheap electricity fee.

[KingScorpio]

I read news about mining forbidden in Venezuela.
I am curious about Venezuela policy for mining,because there have cheap electricity fee.

lol it costs human labour to build it

[Dominic_Johnson]

I read news about mining forbidden in Venezuela.
I am curious about Venezuela policy for mining,because there have cheap electricity fee.

I found some new from June 1st about it. You can read it here: https://www.cryptocynews.com/cryptocurrency-miners-import-is-restricted-in-venezuela/. At that time, at least, it was very difficult to get mining equipment in to the country. Most of the courier companies haven't banned the shipping of mining equipment, but they warn that if you send it, you may lose it. I think there is a lot of crime and civil unrest due to the unstable economy there. I don't think it would be a good idea to go try mining there. You might want to consider somewhere in Eastern Europe. You can find places with very cheap electricity. If you get far enough North, you can also find places where you don't need to spend so much on cooling in the winter.

Here's another article I found about mining in Venezuela: https://www.btcnn.com/bitcoin-mining-in-venezuela-a-dangerous-and-profitable-adventure/

[BitCoinGuy10]

Venezuela is launching its own cryptocurrency called ‘Petro’ which has been banned in USA though. It is backed by the country’s oil and mineral reserve. But mining in Venezuela is illegal since it requires a lot of electricity to mine the government doesn't support mining; they can have better use of their electricity elsewhere.

[KingScorpio]

Venezuela is launching its own cryptocurrency called ‘Petro’ which has been banned in USA though. It is backed by the country’s oil and mineral reserve. But mining in Venezuela is illegal since it requires a lot of electricity to mine the government doesn't support mining; they can have better use of their electricity elsewhere.

you mean venezualas thrillionaire and biggest kapitalist in socialist venezuela "maduro" has launched his own currency "Petro" which doesnt even stand in any way for venezuela but for "petroleum" its oil reserves.

[tabas]

I have watched an interview from a miner who lives on Venezuela and he said that mining there is illegal. And if the authorities found you out, they will arrest you and your miner. But I don't know when that interview was conducted. But if you will research, you can see articles saying that mining in Venezuela is legal. If a Venezuelan out there who knows the fact and real happening there, please speak out.

[Aleksandr_ov]

I think the author's words are the main words, then he reads the news, that's how the opinion is formed among the population

[blacknight789]

After reading some articles and news on this topic; It is clearly stated that there was a time when Venezuela used to mine crypto currency more than China; But at some point the government of Venezuela interrupts and they enclosed all the activities.

[BitCoinDream247]

Venezuela is one of the most dangerous places to mine BTC. But mining in crypto currency is legal there; yet some people are doing it illegally and being arrested. Also many people are being arrested on false charge. Mining in Venezuela is cheap because the electricity is cheap there. Though being in a crisis situation; digital currency like BTC is gaining importance.

[KingScorpio]

Venezuela is one of the most dangerous places to mine BTC. But mining in crypto currency is legal there; yet some people are doing it illegally and being arrested. Also many people are being arrested on false charge. Mining in Venezuela is cheap because the electricity is cheap there. Though being in a crisis situation; digital currency like BTC is gaining importance.

it is only cheap there because the mining itself is direct abuse of the socialist workers that upkeep the infrastructure there. if they would start charging money for their work the venezuelans would reach levels of poverty never imagined before.


bitcoin and mining, will likely ultimately end every single trace left of socialism in venezuela

[coinpedia240]

Yes; it is illegal to mining crypto coins in Venezuela though technically it shouldn’t be. Many users of coins are getting arrested by police in cybercrime case and it is not safe to mining crypto currency in Venezuela.

[Eurobot]

So far I am concerned BTC is not totally illegal in Venezuela. That is absolutely rumor that is spreading away. The law enforcement is just giving more focus on cyber crime and scams but does not take such decision.

[HistoryVampire]

This is absolutely a false news that BTC in illegal in Venezuela. It is not true at all. The police and government just have taken some initiative to eliminate the illegal miners whose are making the crypto scenario more insecure.

[jseverson]

It doesn't seem to have been pointed out yet, but electricity is cheap in Venezuela only because it's heavily subsidized by the state:

https://www.cnbc.com/2017/08/24/bitcoin-mining-is-popular-in-venezuela-because-of-hyperinflation.html

As for the official legality of mining in Venezuela, it's legal on paper, but you have to register to the authorities:

https://bitcoinist.com/venezuela-now-requires-bitcoin-miners-register-government/

I say on paper because it still seems to be heavily frowned upon with the subsidized electricity and everything. There's also the massive corruption and mining equipment being very valuable, so I don't think you can really be truly safe. The latter article says that even registration may be risky. Without first hand knowledge of the situation, I personally wouldn't try even the legal avenues as everything just seems so murky with their government being able to do whatever they want for the most part.

[Alpacera]

I heard that mining 1 Bitcoin in Venezuela costs approx. $3k whereas in European countries it's more than $6k. It would be a big shame if they had banned mining.

[Kemarit]

I read news about mining forbidden in Venezuela.
I am curious about Venezuela policy for mining,because there have cheap electricity fee.

As far as I know bitcoin mining in Venezuela is forbidden. And there are reports that miners caught at jailed because they are "stealing" electricity. But the funny thing is, it was also reported that Banks are also doing mining of its own. That country is totally fuck up because of Maduro. Everything related to Bitcoin on that country is being clamped down but you will hear Venezuela's saying that its their means to "survive".

[easycoin995]

As far I know it’s not illegal in Venezuela but I also heard that Venezuela also has their own cryptocurrency which is known as Venezuela cryptocurrency petro.

[btcmaster999]

It’s not illegal actually. Here bitcoin is the large contribution by the citizens of the country’s GDP. This country with world’s highest inflation rate and strict control of currency; people get btc as their safe alternative for savings.

[m.awanda]

As far as i know Venezuela governments has announced that crypto mining is legal in their country.

[Lucius]

I heard that mining 1 Bitcoin in Venezuela costs approx. $3k whereas in European countries it's more than $6k. It would be a big shame if they had banned mining.

You should not listen to rumors, there are some research which confirmed that in Venezuela mining of 1 BTC is the cheapest in the world and cost only 530$. Also judging by the statement from Carlos Vargas ( government’s cryptocurrency superintendent ), crypto mining is not illegal and all citizens who were indicted and prosecuted will be released from all charges. This is news from January 30 2018, it is possible that something has changed since then, so if you plan to move in Venezuela for mining everything needs to be checked. Just for info, the average salary in this country is less then 10$.