Will this make any impact on the global cryptocurrency economy as electricity is a much required resource for the successful functioning of bitcoin and major other cryptocurrencies in the market. I believe such scenario will never happen with any of the countries around.
This is not the first blackout and is not going to be the last, even with Maduro gone as the infrastructure is near total collapse.
Have you seen any effect on bitcoin price/txs/hashpower or anything else?
No, there aren't any and there won't be any!
How come it became nationwide when in fact the power supply is not being centralized basing on the geographical area to which we know that a certain country has a wide lot area. I cannot believe that a nationwide power cut will going to happen. As we all know that there are private owners who supply power to the locals coming from different resources like geothermal, windmill, waterfalls and etc.
Hhaha , what ajoke!
Private ownership in Venezuela, especially in the energy sector!
Venezuela gets most of its power from one single location, the Guri dam, which is not situated pretty conveniently:
so energy needs to be transported over hundreds of kilometers with a decaying infrastructure that can fail every second.
Yeah, this is yet another reason why bitcoin isn't proving to be very useful to Venezuelan citizens during their crisis--no electricity means no way to pay for anything via electronic means. And yeah, I'm sure bitcoin mining is taking a huge hit there as well.
I doubt mining happens at a large scale in Venezuela.
You don't just need cheap power, you need constant power without fluctuations or you're going to destroy equipment well before you get some kind of profit. None of the power failures, not this one or the one two weeks ago showed to have any influence on the global hashrate so I doubt they have more than a few thousands miner there.
Besides, imports are crypto mining equipment are banned since last year.
Anyway, as an aside....this is why everyone ought to keep at least a little amount of cash on their person. You never know when the power is going to go out, and food/water/supplies run out quicker than you think. If you're relying on even a debit or credit card, good luck trying to use that when stores no longer have power. The first store that opened in my area while the power was out was a Walgreens pharmacy, and they were only taking cash. It was such a relief to buy some food and a bottle of Coca-Cola, but I only was able to do that because I had some cash on me.
Since then I've also started keeping batteries, food, money, and a wind-up/solar radio with cellphone charger in my house for just such occasions. I'm not a hardcore prepper, but experience has taught me that I'll probably see another serious power outage in my lifetime.
If the power goes down right now probably I have food and water for one day or two.
But my plan in case it's an extreme blackout that might span for days is to go back to my parent's house.
Generators to keep the farm running, 3 tanks with 2000l of water, one with 2 tons of diesel, two freezers and If I recall correctly about 200 piglets to enjoy over a campfire.
But if don't have enough gas in my tank to get my family there....that's going to be one hell of an adventure.
