Venezuelan Bitcoin Boom

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Bitcoin is illegal to mine in Venezuela but it has not stopped the mining boom.

In Venezuela Bitcoin and altcoin mining has become very popular despite its illegality there. Due to the policies of Nicolas Maduro’s socialist government hyperinflation is out of control and supplies are scarce. The Venezuelan government is adamantly opposed to Bitcoin mining. Today it is estimated 100,000 Venezuelans are mining cryptocurrencies. The Venezuelan Bolivar has dropped 99.4% in value since 2012. The dramatic decline in value has forced Venezuelans to seek other ways to transact and store value. Supplemental income from cryptocurrency mining is enabling many Venezuelans to survive while their government fails and chaos fills their streets. We, as the cryptocurrency community, should support the good people of Venezuela during this difficult time in their nation.

To read more visit the CNBC article about Venezuelan cryptocurrency mining published here: https://www.cnbc.com/2017/08/30/venezuela-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin.html

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