News || Hard Blow For Mining In Venezuela After 75,000 ASICs Were Offline

Hello friends. Since a month ago (Sunacrip) ordered the national blackout of more than 75,000 ASICs, the digital mining industry has generated million-dollar losses that have affected several sectors.

Made In Canva

After Sunacrip ordered the blackout of all the mining farms, the estimated loss figures were shared by several miners through the national press in the form of anonymity where we can see the amounts that said blackout is throwing at the mining industry in Venezuela.

Therefore, Bitcoin miners fear that the industry will disappear or falter since this would be bad news for bitcoinization in Venezuela. At the moment, President Nicolás Maduro has not given information on what measure the government intends to take regarding this issue.

At the moment, the owners of the Bitcoin mining farms feel with their hands tied since they cannot do anything about it thanks to the decision made by the National Superintendency of Cryptoactives (Sunacrip), the main regulator of the ecosystem in Venezuela.

It has been a month since the farms licensed by Sunacrip received the order to stop operations, in the midst of investigations related to the Pdvsa-Crypto corruption plot where the executive director and all its members have been arrested for the investigation of the loss of 3 billion dollars of the oil industry PDVSA..

On the other hand, there is a lot of concern because the shutdown of the mining farm in Venezuela would be generating the dismissal of 1,600 workers directly and another 5,000 workers who were operating indirectly in the mining sector. Why am I firing them? This is because companies are obliged to cover operating expenses, even if they are not producing, therefore it is unsustainable to cancel the monthly salary of their workers.

Despite the fact that many people are unaware that Venezuela had a large mining industry, it was generating a high employment rate like any other company, now many households are left without an economic livelihood because starting next month there will be a wave of mass layoffs if the problem persists more than 100 mining farms have been affected by the blackout.

Made In Canva

Bitcoin mining, a paralyzed industry in Venezuela

According to the previously mentioned report, among the 100 farms affected, they are failing to receive approximately 11 million dollars a month and not only the mining industry is suffering losses, but also the hydroelectric sector is having a loss of two million dollars, which canceled said monthly farms for power consumption to run the ASICs.

Analyzing in retrospect these two million dollars that Corpoelec generated, which is responsible for distributing electricity to all of Venezuela. There are 2 million dollars less per month to maintain and improve the national electrical system that in recent years has been affected by lack of investment on the part of the national government.

The bitcoin farmers are dismayed since the corruption case also associates the PDVSA industry that has not been paralyzed by the corruption case after the investigations, but the mining industry was the one that had the worst part, in the national press it alleges yes The punishment is for them, it also has to be for the oil industry since that's where the money was lost.

The anonymous user alleges: “We can continue working continuously and always remain ready to offer any information or audit that the country's security agencies and bodies decided to do. This without us having to suffer large losses.”

In Conclusion

It is still unknown what measure the national government will take with respect to the mining farms that the national government is the one that has the last word if they reactivate the mining sector or the massive blackout will continue at the national level for the moment we must wait for more news related to the issue since this would be delaying bitcoinization in Venezuela.

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Post writter por @joeljaimes1982