“The main factor driving Venezuelans to take up bitcoin mining is a price control put in place by the socialist government: Electricity is virtually free. In Venezuela, the government has turned bitcoin mining into something akin to owning a home mint. Since bitcoin mining is a process, in effect, of converting the value of electricity into currency, Venezuelan miners are engaging in a form of arbitrage: They’re buying an underpriced commodity and turning it into bitcoin to make a profit. The miners have turned socialism against itself.”
http://reason.com/archives/2016/11/28/the-secret-dangerous-world-of
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