After the large number of “minor” creators of this digital currency, the Venezuelan government has promulgated some rules for the regulation of crypto assets. This creates a legal framework for transactions of Bitcoins, Dash, Ethereum, Petros and other cryptocurrencies. Know if Bitcoin and cryptocurrency mining in Argentina is profitable with this article from CriptoNoticias Lugo points out that mining in Venezuela, while profitable, doesn`t mean it`s easy. “When you go to mining, the first thing you have to do is choose the space and comply with the legislation that says it has to be an industrial area,” he said. When I saw that Ether could be mined with graphics cards from personal computers, I saw greater profitability and a better way to buy the components because they were easily accessible in the country without restrictions (i.e. the purchase of spare parts or accessories was strained). I already knew at the moment that it was an easy device to handle and easy to hide because they worked without noise, without as much energy consumption, without generating as much heat as an ANTMINER, and I met a friend who is a programmer. He told me that he already had his first armed rig (then an orthodox structure made of PVC pipes) with 4 graphics cards model R9 390, which was one of the best at the moment. There, I became more excited and one by one I bought the accessories to assemble a vulgar home PC. Lugo points out that this profitability is also ensured by being part of a recognized or regulated industry. This, he says, has been accelerated by the actions of the National Superintendence of Cryptoassets and Related Activities (Sunacrip), which has promoted a legal framework for operating with cryptocurrencies.
Prior to the publication of the decision, although digital mining is not illegal in Venezuela, there were episodes of persecution of miners and seizure of equipment; mainly due to complaints about the high energy consumption required by these devices. On July 15, 2020, the Minister of Housing and Housing, Ildemaro Villarroel, banned the installation of mining machinery in all residential complexes provided by the regime of Nicolás Maduro. “The adverse effects of this event of the demand for electricity for consumption in the urban areas of the Great Housing Mission in Venezuela have been noted,” he said. This is reminiscent of the words of Alexis Lugo, a Bitcoin and cryptocurrency miner who also operates from Caracas. He told us in an interview with CriptoNoticias that it was right to allow the Venezuelan state to mining and pay taxes, as this would allow the industry to grow and consolidate in Venezuela. I more or less started researching and exploring Bitcoin between 2011 and 2012, I liked the project. Then in 2015 I saw the birth of Ethereum, I saw that it could be mined with graphics cards. At first, of course, everything was confusing, but the world of the Internet helps a lot on all topics. It was a time when I only had my own business, a joint venture like any other. I decided to have it as a savings plan when I saw how the value of the pioneer Bitcoin had increased. Although digital mining has never been illegal in Venezuela, there are several requirements and regulations that must be met to operate and execute these activities starting in 2020±.
In recent days, the Bolivarian National Guard, one of the five components of the Bolivarian National Armed Forces of Venezuela, has proceeded to seize 411 machines used for the electronic mining of crypto-currencies, ensuring that the objective is to mine Bitcoin. Pedro – that`s not his real name – surfed inflation when he bought two graphics cards for $800 in 2017 that he can also©mine with. In the third month, he recovered from the investment. Under current regulations, it is illegal to mine cryptocurrencies in Venezuela without a permit from the National Superintendence of Cryptoassets and Related Activities (Sunacrip). Under this accusation, they arrested people. They were later released after the regulator intervened in the case. An earlier report by the El Diario team details that people who wish to embark on this business will have to fill out an application form to the Integral Registry of Minors (RIM). From there, the operator can manage a license that allows him to operate. In round numbers, Quiles calculated profits of up to $60,000 per month, in the case of mining Bitcoin with 1,000 miners from Bitmain`s S9 series, the most widely used series in Venezuela, he said.
This, minus operating costs and employee wages, leaves a mining company in Venezuela with more than 60% of production in just 30 days. Parra, for his part, argues that in the event of a power outage, there is no need to engage in mining. Therefore, he explains, “we look for states where it is not constant and industrial areas where there is obviously a constant flow of energy.” Machines dedicated to “mining” or mining bitcoins are specialized computers that connect to the cryptocurrency network. Your job is to verify the transactions made by the people who send or receive the currency, in a process that solves complex mathematical puzzles. Six cryptocurrency miners have been released after police arrested them in an irregular raid. The incident occurred at a commercial premises in Bolãvar State, where she was arrested on 15 September. July 2021 25 machines seized to mine Bitcoins. Asonacrip Statement on the Illegal Detention of Digital Minors and the Timely Participation of the National Superintendence of Cryptoassets and Related Activities (Sunacrip) in the resolution of these cases.ð§μ1/5#Asonacrip #Sunacrip #mineriadigital #criptomonedas pic.twitter.com/HT7EX4GlGm “If you have space and investment capabilities, you will certainly do well as long as regulation and legality are respected. It can still be done in secret, but you have to understand the risks that can be taken,” he explained. It should be noted that there is no law as such, but a decree that “legalizes” a type of crypto mining under very strict conditions. In fact, according to this decree, there are currently two types of mining: the first is the one that operates in a “legal” way, since it is registered with the National Superintendence of Cryptoassets and Related Activities, Sunacrip, and operates under a centralized mining pool created by decree. However, not all minors have registered in the Comprehensive Registry of Minors, as many do not want to be under government supervision.
Thus, the second type of mining is illegal. The same doesn`t happen in residential mining, because in addition to the fact that it`s illegal under Venezuelan law, “with one, two or three teams, you won`t become a millionaire.
