Venezuela's Socialist Regime Is Mining Bitcoin In a Bunker To Generate Cash
At a military base outside Caracas, Venezuela, state video footage shows officers in green fatigues cut a blue ribbon donned with a cluster of glossy balloons. Then, the men pry open the doors of a narrow, dimly-lit bunker. But the balloons weren't inaugurating a new weapons factory or training facility. They marked the opening of a new bitcoin mining farm. Venezuela's President Nicolas Maduro needs cash to sustain his grip on power after muddling through one of the worst economic implosions seen in recent modern history in the Western Hemisphere. It appears that Maduro's last ditch effort to buoy Venezuela's shriveling economy is to dig deep for this digital asset and sell it for hard cash.
"In a strategic alliance with private capital, the Bolivarian army inaugurated the first center for the production of digital assets at the Fuerte Tiuna facilities," said a spokesperson in footage published by state television in late November. Venezuelan General Domingo Antonio Hernandez Larez details the project in a cramped conference room, then he and other officers fondle a few S9 AntMiners, a type of specialized computer used to mine bitcoin, the volatile cryptocurrency whose price is scraping all-time-highs of just under $20,000 per coin. "This center of digital asset production will ensure self-financing sufficiency within the military," the Venezuelan state TV official explains. "These mining activities will be key for increasing revenues for the country."
At a military base outside Caracas, Venezuela, state video footage shows officers in green fatigues cut a blue ribbon donned with a cluster of glossy balloons. Then, the men pry open the doors of a narrow, dimly-lit bunker. But the balloons weren't inaugurating a new weapons factory or training facility. They marked the opening of a new bitcoin mining farm. Venezuela's President Nicolas Maduro needs cash to sustain his grip on power after muddling through one of the worst economic implosions seen in recent modern history in the Western Hemisphere. It appears that Maduro's last ditch effort to buoy Venezuela's shriveling economy is to dig deep for this digital asset and sell it for hard cash.
"In a strategic alliance with private capital, the Bolivarian army inaugurated the first center for the production of digital assets at the Fuerte Tiuna facilities," said a spokesperson in footage published by state television in late November. Venezuelan General Domingo Antonio Hernandez Larez details the project in a cramped conference room, then he and other officers fondle a few S9 AntMiners, a type of specialized computer used to mine bitcoin, the volatile cryptocurrency whose price is scraping all-time-highs of just under $20,000 per coin. "This center of digital asset production will ensure self-financing sufficiency within the military," the Venezuelan state TV official explains. "These mining activities will be key for increasing revenues for the country."