Amidst the commencement of Venezuela’s own cryptocurrency El Petro, they have been dubbed as the cheapest country for cryptocurrency mining
As president, Nicolas Maduro rolls out the El Petro ICO, Venezuela is named the cheapest country in the world to mine Bitcoin. But is it also the most expensive place to live?
The manual for the first 82.4 million units of the Venezuelan cryptocurrency, El Petro was the hottest gossip yesterday trending all over the market as El Petro gave the signal for releasing their scripture for the first 82.4 million units and was available for download in multiple languages yesterday. Although this move was not accepted in a positive manner worldwide. Furthermore, this move taken by Venezuela to link the cryptocurrency with the countries oil reserves has been ridiculed and rumored to be a move to make it more assessable for the higher authorities the fill their pockets even more.
President Maduro also made an announced claiming that Petro’s valuation of 100 million tokens to cross well over $6 billion and that the sale of El Petro would start a new chapter in the economic era of Venezuela. Although alarming questions have been raised and left people wondering is it the most expensive place to live, following the launch of this ICO,
The cheapest destination for mining Cryptos or just another optimist projection?
Venezuela was declared the cheapest destination for mining cryptocurrencies globally. As per reports provided Elite Fixtures who specialize in analyzing the cost of mining around the world, They claim Venezuela to be the cheapest amongst all countries and also stating that they are more than 100% cheaper than their closest neighbor Trinidad and Tobago.
The company claims to have collected statistical data supplied by countries and agencies around the world on the basis of electricity costs and compared the use of three of the most popular mining rig configurations. The cost in Venezuela was $531 followed by Trinidad at $1,190 in third place was South Korea showing stats of $26,170 per coin, the most expensive worldwide
They also claimed that China, Russia, and The United States had almost resembling costs with China being slightly cheaper at $3,965 while both Russia and the US are around $4,700.
EXPENSIVE COST OF LIVING?
Earning a few bucks through Bitcoin mining maybe highly profitable given it’s in the Latin American country may be very profitable given its alleviated electricity performing almost anything else which can cost a fortune. The biggest obstacle towards the development of Venezuela has been the tremendously high percentage of inflation which goes up to well over 800% by some assumptions also stating that while the government continues to print more and more of its currency it basically makes the bolivar worthless.