Venezuela Secretly Mines Crypotcurrency: Ex-Intel Chief Claims

Venezuela secretly mines cryptocurrency at a massive scale according to the Ex-Intel Chief Cristopher Figuera, so we are about to find out more in the crypto news today.

The citizens of Venezuela are now even experiencing frequent blackouts and power shortages and according to a report from the media outlet Konzapata, the country has even imported a number of 5,000 USD rigs from China under the disguise of creating better infrastructure for its own Petro token. Another article from the same media, the ex-Intel chief claims that the crypto exchanges that already accept Petro trading in Venezuela are directly controlled by prominent figures in the government.

The general who left Maduro, Cristopher Figuera who was the former chief of the Bolivarian Intelligence Service tells Konzapata that the Petro is another deception and not a real thing. Petro is the cryptocurrency that Maduro tried to impose on the country since 2017. At first, Petro was introduced as crypto active then as a unit of account and now as a kind of Exchange Bridge to get other currencies such as the yuan, the rupee, and euro. The Exchangeable coins with some value not like the devalued bolivar and the most recent initiative also wanted control to manipulate the savings of more than 3 million Venezuelans working in the public administration.

But according to Figuera, this is certainly a lie. This is because the Petro cryptocurrency was the excuse to import from China, hundreds of miners which is the name given to the computers that create cryptocurrencies such as Ether and Bitcoin. This is why Venezuela secretly mines cryptocurrency and according to the ex-Intel chief:

 “The petro is not mined. But with that hoax thousands of devices called miners were imported.’’

Mining cryptocurrencies can be a very lucrative business if you know how to do it. In non-oil countries such as Spain, it’s not so profitable since the electricity bills are too high and mining computers consume too much. There is also the price of the equipment itself $5,000 each according to Figuera. With regard to the information above, the University of Cambridge determined that the mining of bitcoins consumes a lot more energy than all of Switzerland. This is of course, unsustainable for any other country in the world but not for this country where the energy is extremely cheap.