The Army in Venezuela are starting to mine bitcoin

[BrolySSJ 7899]

Venezuela has been very open to the idea of crypto and with each passing day it seems that they are more and more integrated with crypto. In fact, just recently i published an article on this forum that spoke of their acceptance of cryptocurrencies for PizzaHut which is a great way to increase its usage and promote the crypto world within the country. 

 

In another development in this country, it seems that the Army are now mining bitcoin as a way to earn an income as well. In order to sustain the army, despite the US-sanctions, it seems that the Venezuelan Army has their own crypto mining rig, that can serve as a source of income to them that can't be stopped. This will be a great venture for them in terms of income, especially with the rising prices that we have been seeing lately. 

 

What do you guys think of this development? If done right, the mining rigs can bring in a major income source to the country and they will soon have a reliable revenue stream that will allow them to move forward without the aid from other countries. Do you think other countries could possibly adopt a similar method as well in order to sustain their armies and government activities through crypto mining?

 

For more information on this, here is the link where i saw this article:

https://news.bitcoin.com/venezuela-army-mining-bitcoin-for-unblockable-income/

[Barbarellah 2225]

Despite the fact that the government of Venezuela is not accepted in most countries in the world, these are news that drive the process of adopting cryptocurrencies and that open ideas to other governments to implement these methods, among others. Venezuela has the advantage that world powers such as China and Russia are supporting it, apart from the fact that electricity costs are really low. I think it is a way to depend on another currency without having to resort to using the US dollar and thus avoid and overcome the blockages imposed by the US. I hope the Venezuelan people can benefit from the advances that this country is having in the world of cryptocurrencies and that it is not only reduced to a certain elite.

[1qDan 478]

4 hours ago, BrolySSJ said:

What do you guys think of this development? If done right, the mining rigs can bring in a major income source to the country and they will soon have a reliable revenue stream that will allow them to move forward without the aid from other countries. Do you think other countries could possibly adopt a similar method as well in order to sustain their armies and government activities through crypto mining?

Well, this is a complicated issue and reflects the country's economic crisis, where the government cannot support the equipment for its army but if to mine cryptocurrencies, it is easy to imagine that this is just a means to launder money, it will not benefit the Venezuelan people , I know why I'm telling you, it will only benefit a few.

[Amiami 1362]

The Venezuela situation is undoubtedly something to be aware of, since the fact that it is the country with the most cryptocurrency transactions per day within America does not mean that this is for a good reason, this happens due to the crisis economic and humanitarian through which the country is going through, so In my opinion they are simply using the army as a front to justify the use of the infrastructure that would initially be dedicated to military use in order to protect the mining equipment

[Jromz 2158]

It's interesting to see how Venezuelan government has resorted to Bitcoin mining to sustain its economy whilst circumventing the economic sanctions orchestrated by the US. Hopefully this can help them to ease the current financial crisis in this country, and people can get some benefit from this mining activity. 

 

 

 

 

[Raqeebzy 6456]

On 12/1/2020 at 10:23 AM, BrolySSJ said:

In another development in this country, it seems that the Army are now mining bitcoin as a way to earn an income as well. In order to sustain the army, despite the US-sanctions, it seems that the Venezuelan Army has their own crypto mining rig, that can serve as a source of income to them that can't be stopped. This will be a great venture for them in terms of income, especially with the rising prices that we have been seeing lately. 

Venezuela and Bitcoin has been going hand in hand lately and this is another big dimension. 

Venezuelan government itself won't be able to fund the it's army effectively due to recession and this will be able to contribute significantly to q big extent and security can tighten in the South American state. Again, another breakthrough in cryptoworld.

[Ridam 7455]

That's really great as mining Crypto will provide good support for the Army of Venezuela.After Iran allows miners to mine Bitcoin and now they are collecting btc to import dollars Venezuela seems the same idea with other concept.

There are many sanctions applied by US against them and Nikolas Maduro is seizing the funds if US government try to support the Juan Guaido as a president.  So as Juan Guaido is supported by US and it's allies as President.US is planning to send the funds there using Crypto currency for relief work and support to Guaido.

They will be using USDC to send funds between and Maduro won't be able to seize the funds anymore.

 

[saradz 2259]

On 12/1/2020 at 10:23 AM, BrolySSJ said:

Venezuela has been very open to the idea of crypto and with each passing day it seems that they are more and more integrated with crypto. In fact, just recently i published an article on this forum that spoke of their acceptance of cryptocurrencies for PizzaHut which is a great way to increase its usage and promote the crypto world within the country. 

 

In another development in this country, it seems that the Army are now mining bitcoin as a way to earn an income as well. In order to sustain the army, despite the US-sanctions, it seems that the Venezuelan Army has their own crypto mining rig, that can serve as a source of income to them that can't be stopped. This will be a great venture for them in terms of income, especially with the rising prices that we have been seeing lately. 

 

What do you guys think of this development? If done right, the mining rigs can bring in a major income source to the country and they will soon have a reliable revenue stream that will allow them to move forward without the aid from other countries. Do you think other countries could possibly adopt a similar method as well in order to sustain their armies and government activities through crypto mining?

 

For more information on this, here is the link where i saw this article:

https://news.bitcoin.com/venezuela-army-mining-bitcoin-for-unblockable-income/

It's good news for the cryptocurrency field, because it indicates that countries are beginning to accept it as a currency for trading and are widely accepted, but I think mining is reducing the price of Bitcoin even more.

[Adam adam 276]

Indeed, this step is of great value to the bitcoin currency, and this news will have a positive impact on the digital currency markets in terms of bringing in more new investors.

[Syedbesharat 5423]

Venezuela is adjusting their society at crypto and now become the first country inthe world who is fully working at crypto with government support the pizza payment, coffee payment and now he rigs for army for income shows their determination. They will succeed and make huge earning as Bull run is coming Closer of BTC. They are mining own and have hood amount of BTC. Venezuela learn from history and now writing own history with reforming crypto as financial mean for country economic. 

[pablomarwan 3082]

Such actions should not be allowed. And with adopting the idea that the army should save for weapons and other means is a destructive idea. It is a useful method on the one hand, though, so fill in the food stores' dependence on accepting payment in cryptocurrencies that motivates people to try the matter and adapt to it

[Braulio Eurea 720]

Cryptocurrencies have been seen in Venezuela as an alternative to generate income and serve as an internationally accepted means of payment. This option arises as a measure to avoid the sanctions imposed by the US government on the Venezuelan government. Until now, the activity of cryptocurrencies has not represented a significant contribution to the economy. Venezuela has the Petro which is the government's cryptocurrency, it has not penetrated the cryptographic market, it is only present in a few exchange houses in the country. Perhaps with the cryptocurrency mining activity it will do better and the fact that it is the army that does it reveals that the financial situation is not good at all.

[Khan 1414]

On 12/2/2020 at 11:31 AM, Jromz said:

It's interesting to see how Venezuelan government has resorted to Bitcoin mining to sustain its economy whilst circumventing the economic sanctions orchestrated by the US. Hopefully this can help them to ease the current financial crisis in this country, and people can get some benefit from this mining activity. 

 

 

 

 

Many countries are taking interest in the crypto currency and there are alot of hidden organization who are mining the crypto in the shadow and stacking the crypto shares.

[Raven 7817]

On 12/1/2020 at 5:23 PM, BrolySSJ said:

Venezuela has been very open to the idea of crypto and with each passing day it seems that they are more and more integrated with crypto. In fact, just recently i published an article on this forum that spoke of their acceptance of cryptocurrencies for PizzaHut which is a great way to increase its usage and promote the crypto world within the country. 

 

In another development in this country, it seems that the Army are now mining bitcoin as a way to earn an income as well. In order to sustain the army, despite the US-sanctions, it seems that the Venezuelan Army has their own crypto mining rig, that can serve as a source of income to them that can't be stopped. This will be a great venture for them in terms of income, especially with the rising prices that we have been seeing lately. 

 

What do you guys think of this development? If done right, the mining rigs can bring in a major income source to the country and they will soon have a reliable revenue stream that will allow them to move forward without the aid from other countries. Do you think other countries could possibly adopt a similar method as well in order to sustain their armies and government activities through crypto mining?

 

For more information on this, here is the link where i saw this article:

https://news.bitcoin.com/venezuela-army-mining-bitcoin-for-unblockable-income/

Then it is a good new for us crypto currency users. This improvement will expand the community of crypto currency, army in Venezuela are accepting cryptos now so if this will continue in the future then it would be great for us because it can make the crypto stay with us for a very long term. Did you get my point?

Edited December 14, 2020 by Raven

[cryptovlek 2597]

On 12/1/2020 at 11:23 AM, BrolySSJ said:

Do you think other countries could possibly adopt a similar method as well in order to sustain their armies and government activities through crypto mining?

Some countries that have problems with their exports and have embargoes enforced have been looking into this possibility for a long time. The countries where electricity is cheap because of abudance of natural resources like Venezuela, Iran and China already have allowed mining. Each of these countries have differences in handling mining but it is done under the supervision of the government. Venezuela took a step further and started as a government. I don't know if this will help their army or government but I would prefer to see other countries being involved more.

[percare 3192]

Maduro said that he would use all the cryptocurrencies in the world, and probably the mining decision was a central planned by the Venezuelan government. However the cryptocurrencies can be used by governments but are also used to seperate the money from the state and increase freedom of finances to the people instead.

[zhoutong 2188]

I have read about a centralized mining pool in this country that would be done with KYC from all miners and will distribute all mining rewards equally according to the hash power produced. Venezuela is trying some alternatives lately to boost the economy and find a way out of the sanctions. Also Iran is doing something similar. There are opportunities for miners in these countries as the cost of mining is very low. It will be interesting to have competition to China as mining was too centralized in only one location and this created fears to many.

[annayks 2314]

This is not the first government mining Bitcoin, but in this scale it is the most known. Venezuela has so much problems with a devastating inflation that lasts for so many years. The creation of Petro was a first step and the best one was to allow all cryptocurrencies to be used. Mining will help the country have better finances.

[bogdanoff 3173]

Venezuela having vast resources and cheap electricity is a perfect candidate for becoming the next epicenter of Bitcoin mining after China. It is also Iran in this list but probably Venezuela will need this most of all, as is will be able with the use of Bitcoin to curb the embargo and create better trading terms with their partners, without having to use the failed fiat of Bolivar that has been hyperinflating for a decade.

[yonkii 3205]

I don't discuss politics but for Bitcoin and for Venezuela this will be a win-win. For Bitcoin any massive mining will help to increase the hash rate, security of the network, and take a percentage back from Chinese miners dominance in hash rate. For Venezuela it will help making them rich. Bitcoin does that.

[kryptonick 2659]

Maybe Venezuela has found in Bitcoin an ally nobody was expecting. In fact they took a very long time to adopt a currency that is universally accepted and can help the country recover from the hyperinflation of the problematic currency and mistakes made. Stability is what will Bitcoin bring in this country and allow it to be sovereign minimizing the outside financial effects to the economy and allow it to trade with other partners with a currency adopted worldwide.

[Samer1997 715]

Venezuela is a country that has wonderful economic thinking, even under the pressures and sanctions applied to it, but it is resisting and exploiting the cryptocurrency market to advance the economy, it is a wonderful way and all other developing or economically weak countries should try it