Venezuela is allowing their army to mine crypto

[BrolySSJ]

The Venezuelan army is trying to fund their operating through crypto mining. In an article that was published, it seems that the army is looking to the use of crypto mines in order to generate the additional revenue that they need. This is a very good development for the crypto world and is also a good way to sustain such operations. What do you think about this? Do you think that countries may start doing this in order to independently sustain their country's army?

 

[Niftyyem]

Do you mean that the soldiers themselves are the miners? It is good that Venezuela is finding solace in cryptocurrencies especially in times like this when the economy and the currency is weak against the dollar.

 

[ahmedo24]

The Venezuelan army is trying to fund their operating through crypto mining. In an article that was published, it seems that the army is looking to the use of crypto mines in order to generate the additional revenue that they need. This is a very good development for the crypto world and is also a good way to sustain such operations. What do you think about this? Do you think that countries may start doing this in order to independently sustain their country's army?

The country needed to improve and sustain the value of it Currency and they felt the best way was to allow the use of Crypto currencies. The move by the admin is a very good one, I am sure other sectors will start soon.

 

[Nova]

This can be pretty bad considering the money in the hands of the army or military never works out good for the country. And that could be bad for the citizens. I think the case you can find that they need to work on their economy instead. This way things would be that they would surely have their economics going down every year.

 

[Ralphjoe]

This is a good news for the venezuelan army, if they are doing this to raise funding for the military, it's a nice investment as they can easily set up the big mining apparatus to mine those funds they need. This might lead to an improvement in their economy that is currently so bad.

 

[Lagazine]

It's not an easy task. If Venezuela government are giving the country army the previlege of mining bitcoin, I think its a good development as they have mandated that all there intercontinental transactions should be done with bitcoin. If the soldiers are mining the coin, it's going to make it more popular among the international defence Council.

 

[mcjerry]

Looking at the time Venezuela allowed there soldiers to mine bitcoin and now, we will see that they would have mined lots of bitcoin and as the price of bitcoin has risen, this would have brought more profit to there pocket

 

[BrolySSJ]

Looking at the time Venezuela allowed there soldiers to mine bitcoin and now, we will see that they would have mined lots of bitcoin and as the price of bitcoin has risen, this would have brought more profit to there pocket

I think it would have been especially helpful if they were still mining bitcoin during the recent price drop because the mining difficulty dropped significantly and that would be extremely helpful in increasing their profit margin over the energy cost.

 

[mcjerry]

I think it would have been especially helpful if they were still mining bitcoin during the recent price drop because the mining difficulty dropped significantly and that would be extremely helpful in increasing their profit margin over the energy cost.

I don't think that bitcoin difficulty do drop as the price of bitcoin drop. it always increase as the number of miners increases and it will never reduce

 

[Nurudeen]

This is a Good development in Venezuela. With this development a lot of the Venezuelan people will be exposed to how to use it make money from crypto currency exchange Business

 

[Kingstone]

It's a great thing for them. At least they are contributing to the growth of their economy and I think this should serve as a lesson to some countries too that blessings are abundant if they allow crypto

 

[harrypaul]

Whatever the Venezuela government did I the Bitcoin chain, I am pretty sure they have seen the effect right now with the current price of Bitcoin.
Whatever happens to Bitcoin is the same thing that would happen to the country economy

 

[Elfinito]

accepting bitcoin as a legal tender by the venezuela government has been one of the biggest mistake they have made because now their economy would certaily be trading on the chart as well. whenever the bitcoin suffers a loss the economy of the country would also suffer a great loss
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accepting bitcoin as a legal tender by the venezuela government has been one of the biggest mistake they have made because now their economy would certaily be trading on the chart as well. whenever the bitcoin suffers a loss the economy of the country would also suffer a great loss

 

[Justin]

If an individual, a group of individuals, or agency or company wants to mine bitcoin, they should consider using renewal energy like hydro energy or solar energy because energy consumption in mining is very costly.

 

[Trexxxy]

These doesn't sound very logical except the Venezuelan government already have the structures in place, if not they will spend thousands of dollars setting up crypto farms and also constant electricity.

 

[Good-Person]

The Venezuelan army is trying to fund their operating through crypto mining. In an article that was published, it seems that the army is looking to the use of crypto mines in order to generate the additional revenue that they need. This is a very good development for the crypto world and is also a good way to sustain such operations. What do you think about this? Do you think that countries may start doing this in order to independently sustain their country's army?

This is a good step by the government. I think mining coins will make their economical structure much better and improve their economy. However, they would require to mine a lots of coins in order to make their economy stable.

 

[Thinker009]

Most especially if the government is lacking that financial revenue to develop the army more ,I think this seems to be a very good and proper steps so the army could mine and get more money to sustain

 

[Sincerem]

Most especially if the government is lacking that financial revenue to develop the army more ,I think this seems to be a very good and proper steps so the army could mine and get more money to sustain

Yes as long as they have the required electricity needed to do so . This requires alot of electricity which most countries cannot provide. That's the major disadvantage in the mining sectors.

 

[HayKay]

It's a good move though. Crypto had up until now proved a worthy investment and since they're not trading the coin but mining for ownership, it's a good thing to do.

 

[GIFTMICHAEL]

The Venezuelan army is trying to fund their operating through crypto mining. In an article that was published, it seems that the army is looking to the use of crypto mines in order to generate the additional revenue that they need. This is a very good development for the crypto world and is also a good way to sustain such operations. What do you think about this? Do you think that countries may start doing this in order to independently sustain their country's army?

This is a very good step. Maybe they can increase the value of their country's currency. This will leads to improvement in currency rates by the countries army. This is not in bad hands. It's good one step.