Venezuelan only electric company (state owned, so the government) has ordered to shut down all the mining farms in the country considering the high power consumption and constant blackouts (A big house with 2000kWh monthly bill only pays 6 USD monthly)

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!