Venezuela Bans Imports of Cryptocurrency Mining Equipment: Report

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Venezuela Bans Imports of Cryptocurrency Mining Equipment: Report

Post by GameOfCoins » Sun Jun 03, 2018 10:37 am

Reportedly the cheapest country in the world to mine Bitcoin, Venezuelan authorities have cracked down on local mining operations by banning any new imports of mining hardware, including certain types of graphics cards and computers as well as ASIC miners.

While the government has embraced cryptocurrency with the launch Petro, the state crypto tied to the value of oil, their stance on local miners is not as welcoming. The current Venezuelan economic crisis is the worst the country has ever seen, leading to the hyperinflation of the currency, crippling debt, food shortages, and widespread civil unrest. As the government printing off huge amounts of money, the minimum wage lost purchasing power – the government continued to print money while raising the wages as well, spiraling the economy out of control after an initial collapse over falling oil prices.

The bolivar, Venezuela’s national fiat currency, has lost 99.99% of its value over the last five years while inflation has gone up at an annual rate of 16,147 percent. Used as confetti in baseball games and crashing weighing scales at delis, the money is essentially worthless – the government has announced plan to cut three zeros from the end of the currency starting on June 4. ... nt-report/

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