Thursday, January 27

Anibal Garrido: Venezuela has enough capacity for Bitcoin mining

Key facts:
  • Despite the energy conjuncture, Bitcoin mining is thriving in Venezuela.

  • Incidents with police authorities have ceased, according to the specialist.

An ecosystem of entrepreneurs and investors is promoting the mining of Bitcoin and other cryptocurrencies in Venezuela, having carte blanche from regulators and legislators to carry out this activity in the country.

In addition, there is an opening for more foreign clients who want to acquire services of purchase and import, installation and operation of mining equipment, in farms located in the industrial areas of cities such as Valencia, Barquisimeto, Maracay and Caracas.

Anibal Garrido, Venezuelan consultant and educator, and cryptocurrency miner, offered his impressions to CryptoNews on this topic, during his visit to El Salvador, where he participated as a speaker at LaBitconf, a conference held from November 15 to 20.

Garrido highlighted several factors that are growing Bitcoin and cryptocurrency mining in Venezuela; among them, the progressive improvement of the national electricity service, which has been in crisis in recent years; the consolidation of mining companies with commercial options in this industry; in addition to the regulatory and legal speed on Bitcoin mining in Venezuela

“The price rate for electricity consumption is 40 or 50 times lower than in Europe,” said Garrido, commenting that the raw material for mining is electricity. He also assured that the miners of Venezuela have become important clients for the National Electricity Corporation (Corpoelec) of Venezuela, and in his opinion, they could be using idle energy in Carabobo state.

During this year in Carabobo, specifically, the state where I mine, in Valencia, a pilot plan was carried out in relation to the regulatory scheme.

Why Carabobo? It is the industrial park par excellence of Venezuela. There is a tremendous amount of idle energy within industrial zones; And at the end of the day, although installing a mine can be complex, if you follow a series of steps in terms of space and electrical capacity, it can be done, and it is not so complex, if you have the financial muscle.

Anibal Garrido, consultant, disseminator and Bitcoin miner.

Although there are multiple services in this industry that Venezuelan companies and individuals are offering, it is important to emphasize the industrial nature under which the country’s authorities regulate Bitcoin mining.

In that sense, Garrido also points out that in Venezuela you cannot mine cryptocurrencies at home, by typification of the law, which reduces mining to the industrial zones of the country.

Although some legal aspects could create distrust at first, investors could now be looking to Venezuela to mine cryptocurrencies, in Garrido’s opinion.

In Venezuela, very interesting advances have been made on the part of the governing body that have allowed the establishment of a legal framework that guarantees this investor, this person I tell you who has put his skin on fire, to be able to say ‘I can mine in Venezuela and There are a number of requirements that protect me as an investor in this regard. ‘

Anibal Garrido, consultant, disseminator and Bitcoin miner.

In general, Garrido’s expectations about mining Bitcoin and other cryptocurrencies in Venezuela are positive, emphasizing that in recent years the landscape has changed for the better.

Listen to the full interview with Anibal Garrido on the channel YouTube of CryptoNews:

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