Virtually free electricity powers for cryptocurrency miners. However miners can highly influence inflation, too. These kind of support system or setup really created an opportunity for struggling citizens. As Bitcoin miners can run many financial transactions and earn at least $500 a month. Now they can feed their families and provide them their basic needs – food, clothes, goods, medications.
In countries like Veninzuela, this might not be an ideal situation to live in. As the high percentage of inflation continues to soar annually, citizens do not enjoy time queuing for lines with empty shelves, nor piling stacks of bills in front of the store’s cashier. Venezuela is home to one of the world’s worst cases of hyperinflation since the Weimar Republic.
Theft Of Free Electricity
These so-called miners are emerging as the capitalist parasites. Which is a tough situation for government, since Bitcoin is still not legally regulated in the country. This is leading to some miners getting arrested for stealing electricity & other resources or infrastructure used for mining. Such a leakage on Bitcoin mining, however, didn’t stop miners. They are now turning to Ethereum or Dash mining instead, showing no signs of slowing down.
As citizens of Venezuela have found a better alternative to escape hyperinflation. They’ve taken Bitcoin as an alternative, and mining of Bitcoin has become big in the country. People utilize digital equipment such as specialized computers. With Bitcoin miners are helping the cryptocurrency market to rise its highest apex in 2016. However further we can conclude that usage of the cryptocurrency, data-crunching power is implemented to earn more Bitcoin or any other cryptocurrency.