Technology

In a crumbling economy, Venezuela’s cheap electricity is a blessing for its Bitcoin miners

In a crumbling economy, Venezuela’s cheap electricity is a blessing for its Bitcoin miners

In the highly competitive world of crypto mining, economically-battered Venezuela has one advantage - extremely cheap electricity. With energy prices as low as 0.06 cents per kilowatt/hour, mining cryptocurrencies is proving to be extremely lucrative for one Caracas-based entrepreneur, in a country riddled by economic uncertainty and some of the highest rates of hyperinflation in the world.

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