Venezuela is one of the countries where Bitcoin miners can achieve high profitability. However, it is also considered one of the least appropriate for this work carried out by many users in the crypto community. This is due to the fact that electricity failures and telecommunications problems are frequent in the country.
And to show this, this Saturday in Venezuela, in one of the states with the largest population and the best technological adoption, electrical services to mining farms and authorized Bitcoin miners were stopped. And there is the possibility that what happened is credited to the decaying quality of the services reported by various citizens of the country in question; as well as other events.
Bitcoin miners were arrested this Saturday in Carabobo, Venezuela
This Saturday the electricity supply to the Bitcoin miners of Carabobo, Venezuela, was unexpectedly stopped. Although it is possible that it is due to the conditions that it can cause in the country due to the high energy demands required by the equipment, it is possible that they have also done it as a preventive measure to avoid the deterioration of the quality of electrical services.
However, they are simple speculations of the citizens who have been affected by the regulations in the electricity supply. And considering the facts, added to the possible causes, some influential figures in the area reported that there will be an important meeting between the main company that supplies electricity to Venezuela, and the entity that regulates and supervises cryptocurrency mining in the country.
It is the National Cryptocurrency Superintendency, better known as SUNACRIP and Corpoelec. Representatives of both entities will have a conference where they will discuss some aspects related to Bitcoin mining and the like.
Still, as I highlighted earlier, they are mere speculations. Since at the moment there are no national sources that have confirmed the authenticity of the information provided and the meetings that will take place.
What could be the causes of the event?
Considering the points mentioned, it is possible that it is a preventive measure for events that are currently being held in Venezuela. These are the internal elections of the PSUV; United Socialist Party of Venezuela.
This affects mining for the simple fact that Carabobo is one of the states in Venezuela that has one of the largest industrial sectors. For this reason, it is possible that there is influence to stop the miners of Bitcoin or other cryptocurrencies; what is clearly prudential to avoid failures or instabilities in the supply.
Furthermore, let us also remember that Bitcoin mining in Venezuela is legal, but to carry out the activity it is necessary to have special permits. Therefore, there is a probability that a massive cut has been made to prevent illegal mining in the country; considering the norms and policies of the main electricity supply company in the country, Corpoelec.