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The Secret, Dangerous World of Venezuelan Bitcoin Mining
- tedmiston 10y ago> But the main factor driving Venezuelans to take up bitcoin mining is a price control put in place by the socialist government: Electricity is virtually free. > Since bitcoin mining is a process, in effect, of converting the value of electricity into currency, Venezuelan miners are engaging in a form of arbitrage: They're buying an underpriced commodity and turning it into bitcoin to make a profit. > In the process, they've gained access to a currency with far more purchasing power abroad than the government-issued bolivar The grueling details of ongoing humanitarian crises aside, this bit is an interesting side effect.
- findyoucef 10y ago$1200 a day? Where did he get the capital to invest in enough hardware to produce $1200 of bitcoin?? That would cost somewhere around 300k for the hardware alone, if not more.
- razakel 10y agoIt reads like that "you'll never guess how this single mom earns a fortune working from home" spam. Fascinating article, though I dislike the specious critique of socialism that's been shoehorned in there, though I suppose it is reason.com...