There has been a substantial surge in demand for the cryptocurrency bitcoin in Venezuela as its local currency, the bolivar, has lost significant value due to the severe economic distress and hyperinflation that the country is currently facing. Not surprisingly, therefore, many Venezuelans have started to look at alternative stores of value and as bitcoin is accessible to anyone with an internet connection the demand for the digital currency has shot up in the last six months of 2016.
Aside from bitcoin purchases increasing in Venezuela, another area of the Bitcoin economy that Venezuelans have been looking to benefit from is mining the cryptocurrency. As Venezuela has incredibly cheap electricity, the main cost of Bitcoin mining is, therefore, heavily reduced making it an excellent breeding ground for miner operations.
Bitcoin Miners Arrested for Alleged Cyber Fraud, Electricity
Read more ... source: TheBitcoinNews
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