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Home Latest News Mining Venezuelan army will start mining Bitcoin to make ends meet

Venezuelan army will start mining Bitcoin to make ends meet

The Venezuelan army turns to crypto mining as the country's economy crumbles.

Via Instagram, an engineering brigade of the Venezuelan army inaugurated the new “Digital Assets Production Center of the Bolivarian Army of Venezuela.” As the video shows, the center houses different ASIC mining equipment used to crack proof-of-work algorithms.

According to cointelegraph, General Lenin Herrera presented the new mining operation. The stated goal of the mining operation is “strengthening and self-sustainability of our units of the Bolivarian Army.” He later added that these mining centers would be generating “unblockable sources of income” and an alternative to the “trust system blocked and controlled by colonialist interests,” referring to the United States, a country that has leveled sanctions against many associates of the Maduro regime.

With oil prices crashing and political turmoil, Venezuela has seen historic inflation during the recent months.

These intentions are not new. The Maduro administration has gone so far as to launch its own cryptocurrency, the Petro, which has seen limited success.

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