Venezuela swept the boom of the mining of cryptocurrencies

The crisis of hyperinflation of the national currency has gained gigantic momentum in Venezuela. To save their savings, citizens pay more and more attention to mining cryptocurrency, reports NewsBTC.

Mining crypts in Venezuela

One of the main reasons for the boom of mining in the country – the state of the energy sector of Venezuela. Due to hyperinflation and government programs electricity here is almost for free. For example, a glass of juice at a cafe will cost you 900 000 Bolivar, about 90 cents. While the average payment for utilities, including electricity, gas and water costs 300 000 Bolivar.

Passive income through mining allows Venezuelans to profit in the cryptocurrency, which is easy to convert to dollars. To keep their savings in coins – the only way to avoid a monstrous inflation. Recall, the Bolivar depreciated by 160 times over the previous year.

The initiative was supported by governmental structures. Venezuelan President Nicolas Maduro has even launched a social program Plan Chamba Juvenil Digital, which encourages mining cryptocurrency.

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