Minning BTC with Natural Gas in Venezuela
I received this Tweet.
"Would you support an initiative to create a pension fund by mining cryptocurrencies with natural gas...?"
Tweet Source
The tweet's approach refers to the alleged creation of a government fund for the creation and improvement of the pension system for retirees and the elderly in Venezuela.
In the first instance, this proposal looks totally praiseworthy, since the image of Old Age Pensions is used as justification. But the background leads us to a dark and complicated situation.
The Tweeter user represents a Venezuelan government agency (twitter.com/PetroDivisa) and the account functions as a means of information about "Petro, Bitcoin, Litecoin, Tokens, Blockchain, Global Economy, Trading...".
The proposal is to cover the consumption of electricity for the mining machines through the generation of electricity from the burning of Natural Gas, which is easily obtainable in the petroleum installations that are distributed throughout the Venezuelan territory.
Image Source
CONS
The counterpart of this proposal lies in the fact that in Venezuela there is a long-standing energy crisis, which affects the majority of the population, which does not have access to domestic natural gas, and who must resort to burning wood to cook food. Also, regarding electricity generation, Venezuela has been facing a critical situation for years, which frequently causes large-scale blackouts that affect the main capital cities and entire regions, often covering a large part of the national territory.
All this casts doubt on the feasibility of this natural gas project for cryptocurrency mining.
Another Vision
Currently, in Venezuela there are gigantic BTC mining farms belonging to high-ranking soldiers linked to the National Government, however, many civilians who carry out this same activity have been treated like criminals and their mining equipment has been confiscated, even in many cases, they have been subject to extortion.
It is unfortunate that Retiree Pensions are used as a front to legalize these mining farms. The energy supply will continue to have its origin in the national electricity network, no investments will be made for generation by Natural Gas.
@juanmolina
