Hi there, I’m Venezuelan living here, crypto enthusiast.

Because the really low electricity price Venezuela has been a “good” option for mining crypto (no law is one of the disadvantages), last months the power failures and outage has increased a lot (I usually get service 16h daily, so 8h power blackouts usually in two rounds).

As I always like to point the economic situation, monthly minimum wage is around 3 USD and with bonuses and things you might do 100-120 USD monthly, average wage should be around 150 USD monthly!

So government took the decisions to shut down all the mining farms, remember this is a lawless state if you aren’t OK with that they might just put you in jail and/or seize all your machines.

There is only one electric company (state owned of course) called CORPOELEC.

Last week they changed the president of CORPOELEC, which was a military (yeah, of course!) some people say he was getting some bribes to allow the mining farms.

I’m sure there is people mining at home (maybe 1 machine could go unnoticed) but big scale operations aren’t anymore.

This is Carabobo state governor showing one mining farm: https://x.com/ReporteYa/status/1791648681818570978

https://www-descifrado-com.translate.goog/2024/05/18/corpoelec-desconectara-granjas-de-mineria-de-criptomonedas-del-sistema-electrico/?_x_tr_sl=auto&_x_tr_tl=es&_x_tr_hl=es&_x_tr_pto=wapp

https://elpais-com.translate.goog/america/2024-05-18/venezuela-le-corta-la-electricidad-a-las-granjas-de-bitcoin-en-medio-de-constantes-apagones.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Any question, let me know!

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