How a Fragile Monetary System Could Influence Bitcoin in the Coming Months

The Bolivarian National Guard of Venezuela has announced the confiscation of 315 Bitcoin mining machines, the ASIC miners, from a local miner who was trying to make an inter-city transfer without a license. Venezuelan government’s stance over Bitcoin mining is still quite ambiguous. While the mining itself is entirely legal, the police continue to crack down on Bitcoin mining farms and often target miners for frequent regulatory checks. A 2017 report by CNBC showed that given the fact that Venezuela is currently the most indebted country in the world with hyperinflation at its peak. This is why the citizens have resorted to alternative currencies for survival, seeking value in cryptocurrencies instead of relying on worthless bolivar. Amid this crisis, Bitcoin has emerged as a potential hedge and its mining as a lucrative earning option. Read More...

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