“Bitcoin mining is a solution for the Venezuelan electrical system”

Bitmain launches new Bitcoin miner with liquid cooling system

Bitcoin (BTC) mining, although it is an activity that consumes energy and there is criticism around it for its supposed environmental impact, in Venezuela it has several functions. In addition to generating profits and contributing to the network, it improves the National Electric System (SEN), which has been hit in recent years.

That is the conclusion reached in the mining panel during the Caracas Bitcoin Experience, a thematic event of the new economy that was organized in the Caribbean country. Participating in it were Juan Pinto, co-founder of the firm Doctorminer; José Parra, miner and telecommunications engineer and Kike Miner, director of MinedMap Venezuela.

Juan Pinto explained that the resources generated from Bitcoin mining to pay for electricity to the state-owned National Electric Corporation (Corpoelec), “can help improve electricity in the community”.

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"Bitcoin mining is a solution for the Venezuelan electrical system"

We hope that the money that one pays to Corpoelec will be paid to the SEN. The intention is that with mining the electrical system is recovered. Mining is using energy that nobody wants, generating resources, in order to recover the electricity that people want and need. Mining is a solution for the Venezuelan electrical system.

Juan Pinto, co-founder of the firm Doctorminer.

Engineer José Parra resolves, for his part, that Bitcoin miners are generating sources of employment through their start-ups. Also, he explains, they are contributing to the communities where the mining farms are installed, especially with the electrical issue.

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In the words of Kike Miner, from his company the intention is “to help and invest in the community”.

“MinedMap repairs the transmission lines and, at the same time, gives half of the electrical energy to the surrounding community. It is a win-win between the company and the community. If the public policies are adequate, those funds will go to repair other transmission points where they are simply turned off due to lack of resources », he explained.

The SEN is not affected because it is mined with wasted energy

According to Kike Miner, in Venezuela the excess energy produced by hydroelectric plants is used and that it is not directed to the benefit of the local population due to the lack of transmission lines.

He agrees with Juan Pinto, who, since his signature, proposes a way to “sow” Venezuela’s natural resources. “We are sowing the surplus. We found in Bitcoin mining a way to transform those resources into growth and profit,” he said.

Juan José Pinto, co-founder of DoctorMiner. Our intention is to sow energy, we are not wasting it, we are using the one that nobody wants, the surplus, to sow it in the security of a global decentralized system. In the end we are sowing the energy in well-being for the people.

Juan José Pinto, co-founder of DoctorMiner.

The narrative of both miners goes hand in hand with that of the engineer José Parra. He maintains that in Venezuela energy is not stored, so if it is not used, it is lost. The worst, he warns, is that there are many disused industrial parkswho do not benefit “not even from a third of what is generated there.”

"Bitcoin mining is a solution for the Venezuelan electrical system"
The Caracas Bitcoin Experience takes place at the Andrés Bello Catholic University. / Source: Satoshi In Venezuela.

Clear rules of the game in Venezuela

The specialists resolved that, unlike other countries, Venezuela is one of the regions where there are “clear rules” to carry out digital mining. For Juan Pinto, the problems derived from the Chinese onslaught against the activity “boosted the industry, also in Venezuela”, especially in the regulatory field.

“The reality is that in no country in the world are there clear rules on how to mine, especially in the industrial part. Venezuela has the peculiarity that the rules of the game were established, which are difficult and costly, but the miners know what they have to do”, he defended.

But there are details, or at least that is how Parra expresses it, who points out that although the persecution and prosecution of miners has decreased, thanks to Sunacrip, issues still need to be resolved at the level of electricity rates.

«The Sunacrip has been a ‘horse’ trying to keep the security agencies aside. If there are isolated events, police officers do not have to worry. They did a job with Corpoelec, but there are details to improve. And if they are improved, the SEN will be improved. We are the only industry that is really paying for energy properly », he argued.

"Bitcoin mining is a solution for the Venezuelan electrical system"
A mining farm located in the state of Carabobo (Centro), the object of a raid by the Bolivarian National Police. / Fountain: BBC World – PNB.

“It will always be profitable to mine Bitcoin in Venezuela”

What the specialists expressed during the panel coincided with the miner Alexis Lugo, CEO of Criptoneros and who spoke in December with CriptoNoticias. He affirms that although there are electrical problems, the activity “will always be profitable”.

Lugo also spoke about the industrialization of mining and explained that in these areas of the country, there are electrical surpluses that can be used to promote the production of cryptocurrencies.

And along the same lines, Aníbal Garrido, another miner, affirms that Venezuela has enough capacity for Bitcoin mining, due to the “progressive improvement of the national electricity service”.

To this is added the consolidation of mining companies with commercial options in this industry and the regulatory and legal speed on Bitcoin mining in the country, as reported by CriptoNoticias.

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