A group of experts shared opinions in a panel held this Friday at the Caracas Bitcoin Experience. Venezuela is a Latin American country with clear rules regarding digital mining.
Bitcoin mining is an activity that consumes a considerable amount of energy and gets criticized for its environmental impact. In Venezuela, bitcoin mining complies with some vital functions: In addition to bringing profits and helping boost the network, it improves the National Electric System, which has been suffering and deteriorating in recent years.
The mining panel held in the Caracas Bitcoin Experience explored all these subjects. Juan Pinto, which is the co-founder of Doctorminer; José Parra, telecommunications engineer and Kike Miner, director of MinedMap in Venezuela, joined efforts to debate about this situation during the event.
Juan Pinto highlighted that all the resources that come from Bitcoin mining to pay for electricity to the National Electric Corporation can help boost the electric distribution for the population of that Latin American country.
On the other hand, engineer José Parra highlights that Bitcoin miners are bringing more sources of employment because of their start-ups. Also, he expressed that they are working hard to bring aid to the communities where the mining farms get based, especially with the electrical issue. According to Kike Miner, the sole intention of Bitcoin mining is to help the community grow.
The SEN is not Affected Because its Mining Gets Carried Out with Wasted Electricity
According to Kike Miner, the excess electricity produced by hydroelectric plants in Venezuela serves one purpose. It does not meet usage by the local population due to the current lack of transmission lines.
The miner coincides with Juan Pinto, who, since his signature, establishes a way to sow natural resources in Venezuela. He said they distribute the surplus and see Bitcoin mining as a better way to improve and transform these resources into profitable resources.
Both miners share the same opinion with José Parra. Parra highlights that electricity does not get stored in Venezuela, so if they do not find usage for this energy, they simply lose it. The worst thing is that many disused industrial parks do not get any benefit from what gets generated there.
Mining is now a Clear Activity in Venezuela
The specialists argued that, unlike other nations, Venezuela is one of the areas with clear rules about digital mining. According to Juan Pinto, the problems that came from the Chinese campaign against the mining activity gave fuel to the industry in Venezuela, especially in the regulatory field.
According to Parra, there are other interesting details. Parra highlights that, although the persecution and subsequent prosecution of miners have decreased because of the law that Sunacrip has applied, new issues still need to get resolved when it comes to electricity rates.
Sunacrip tries hard to keep other agencies aside when a problem appears. So when there are isolated events, police officers do not have to worry about it because the entity leads the investigations to solve the situation. Sunacrip has joined efforts with Corpoelec to solve the electric struggles of miners, but various details still need improvement.
By: Jenson Nuñez
