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BTC mining in Venezuela has many guarantees, as per Sunacrip director

2 min read

TL;DR Breakdown

• Sunacrip supports BTC mining in the country and tries to protect it.
• Venezuela is among the 10 Latin American countries with the best hash energy.

In an interview with Sunacrip, it was discussed how the the crypto assets superintendence and related activities in Venezuela along with BTC mining has been guaranteed. He complained about the repression by the police against crypto miners. However, Jesús Oviedo, the president of Sunacrip, opened space to comment on the mining legalization.

Sunacrip is a company that seeks to boost the BTC mining business in the South American country. Since 2018, cryptocurrency mining has been approved in Venezuela, and many companies have profited from it.

Venezuela is the country in South America with the most opportunities to mine Bitcoins for its low-cost hash energy. However, the outlook turns sour due to extortionists who break into mining activities.

BTC mining guarantees in Venezuela

Bitcoin mining

According to Jesús Oviedo, the Sunacrip director, BTC mining is adequate within the country. However, doing these activities illegally makes miners a target for the police. Here, Oviedo clarifies that the organization cannot do much to guarantee the miner’s freedom.

But Oviedo suggests that he is campaigning with his legalized colleagues to help other miners. Oviedo explains that getting the steps to legalize a miner is a problem within the country.

Why is Venezuela great for crypto mining?

Like other crypto traders, Oviedo believes that BTC mining is excellent in Venezuela for thousands of reasons. First, the electricity payment service is low, compared to Colombia, which reaches high price points. However, the quality of the energy service is inferior, which causes significant failures nationwide.

While Sunacrip’s attempts to endorse BTC mining sound promising, it paints a different picture. While the Venezuelan national government tries to “legalize” cryptocurrencies, the police forces repress them. Since BTC and other cryptocurrencies reached their peak in 2021, crypto mining has increased in the country.

According to Oviedo, the crypto mining farms are shut down by police authorities. Weeks ago, the country’s authorities broke into a crypto mining company not regularized. These detention and incarceration procedures have become prevalent in the South American nation.

But the miners do not cease their operations even though they live in fear of being detained. This occurs because the digital gold rush is huge when BTC recovers from its historic loss.

Sunacrip, with the Venezuelan government, must talk about the cryptocurrency market for the future. The Latin American country may support virtual currencies or, on the contrary, show a failed crypto mining ecosystem.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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