Bitcoin Miners in Venezuela Await New 'Fair Pricing' for Electricity

[gospodin]

In September, Venezuela mandated that all Bitcoin and cryptocurrency miners join a national pool. All earnings would be regulated by the state and split among miners.

Now, Venezuela wants to change the electricity rates.

Venezuela's National Superintendency of Crypto Assets and Related Activities (SUNACRIP), the regulatory body for cryptocurrency, and the Ministry of the People's Power for Electric Energy, which sets public electricity policy, yesterday signed a legal agreement to promote and organize crypto mining activity in the nation.

more: https://decrypt.co/51243/bitcoin-miners-in-venezuela-await-new-fair-pricing-for-electricity

[Malam90]

Bitcoin mining in Latin America is becoming more popular specially in Venezuela. Miners are strongly regulated by law there and they have pay tax on mining. So mining is more expensive there as it needs huge electricity consumption plus tax. That's why Minister of Electricity,Venezuela, has declared to reduce the electricity price for the miners. I personally believe this will influence the miners and mining will be more profitable after implement this declaration.