BTC Miners In Venezuela Await For Fairly Priced Electricity

BTC miners in Venezuela await fairly priced electricity despite the fact that there’s almost free electricity in the country. Venezuela’s crypto regulatory body and electricity ministry signed a new legal agreement to establish new tariffs for crypto miners and to change the licensing process so it is unclear whether electricity rates will increase or decrease but let’s learn more about it in today’s Bitcoin mining news.

Back in September, the country mandated that all BTC miners in Venezuela will have to join the national pool and all earnings will be regulated by the state and their earnings will be split.
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Now, the country wants to change its electricity rates. The National Superintendency of Crypto Asset and Related Activities which is the regulatory body for crypto, along with the Ministry of People’s Power for Electricity Energy that implements public electricity policies, signed a legal agreement to promote and to organize crypto mining activity in the country. Nestor Reverol said:

“As instructed by President Nicolas Maduro, we have signed the Inter-institutional Cooperation Framework Agreement to continue with the strengthening of state policies that allow the development of digital crypto mining and the preservation of the electricity supply in Venezuela. We will also establish fair pricing for the industrial mining sector, which will allow the development and improvement of service provision.”

What we do know for now is that the agreement will modify electricity tariffs for miners and will alter the licensing process for miners. BTC mining is now more regulated in Venezuela than in any other country since Miners have to first register in an official census so they can later pay their taxes. Also, Miners have to join a national pool that is controlled by the state. Despite the regulations, there’s still plenty of confusion among law enforcement and other government bodies about crypto mining.

The goal is to promote mining activity in theory but what the authorities end up doing in practice is a whole new story. SUNACRIP head Joselit Ramirez assured the people of Venezuela that the rates will be “attractive for anyone involved in the activity which could end up lowering the tariffs. Carlos Diaz on the other hand, an independent miner said:

“The government talks about establishing a fair price for electricity. But in Venezuela, where energy is almost free, that may be a way of saying that they will raise rates. However, this is Venezuela, where anything can happen.”