The Bitcoin mining business also had a notable presence at CBW 2023, with numerous firms exhibiting their innovations.
During CriptoTendencia’s coverage at the Caracas Blockchain Week at UCAB, a large participation of mining firms was observed. In this way, CBW 2023 had a notable presence from the Bitcoin mining industry of the South American country.
Among the variety of proposals, there was one related to the immersion mining process or submersible mining. This way of carrying out the business is one of the most striking thanks to its notable advantages when compared to the traditional way.
Generally, digital mining works through air cooling, that is, with fans. But this process entails some problems and constant operating costs that can affect companies’ income. Hence, the move to immersion is one of the boldest and most radical ways to cut costs and can make the difference between bankruptcy and survival during bear markets.
Bitcoin Mining at CBW 2023
During this Friday’s event at CBW 2023, Bitcoin mining was discussed among the forums and there were many companies in the stands showing their progress. In that context, the automatic cut of miner rewards will occur next year. This makes all eyes focus on this industry that is key to the very existence of BTC.
Thus, the halving means that miners will receive 50% less than what they receive now. Under such conditions, the technique of immersion of mining equipment in dielectric oil becomes important.
Marlon Rojas, CEO of one of the companies present at the activity stands, commented that the advantages of immersion are numerous. “One of the big problems that the mining industry has had since its beginnings is that the machines produce heat and it is difficult to control it,” he commented. He added that temperature control helps with energy efficiency.
The life span of ASICs tends to be between approximately 4 and 6 years. However, with the immersion technique, this time can be considerably prolonged. On the other hand, miners save constant costs such as maintenance and repairs.
With all this, it can be said that Bitcoin mining was one of the elements that is taken most seriously during CBW 2023.
Is Bitcoin Dead?
Mariel Lang, creator of the Trade It Simple academy, addressed this issue from a much broader perspective that involves the uses of Bitcoin, the derivatives market and even the psychology of the trader. The well-known trader pointed out that it depends on the objective, and especially on the psychological preparation of whoever is interested in market analysis.
As a closing and teaching given by the renowned strategist, the key is the direction of capital, the more capital enters or leaves the market, the more pronounced the fall or rise in price will be.
The Business Problem in Venezuela
In mid-March, the authorities of the Caribbean country announced the surprise arrests of dozens of people for a terrible case of corruption. Among those detained were senior officials from the state oil company PDVSA and the superintendence of crypto assets and related activities (Sunacrip). The result is that the authorities announced a total freeze of digital mining throughout the country to carry out investigations. Since then, mining companies have been ordered to stop activities.
The different representatives of Bitcoin mining who were at CBW 2023 agreed that this measure causes damage to their businesses. Likewise, they expressed their hopes that the measures will be lifted soon to continue operating in a business that is legally established in the country.
By Leonardo Pérez