BusinessVenezuela, An Oil-Rich Nation, Is Becoming A Hub Of Bitcoin Mining. Find Out Why
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Venezuela, An Oil-Rich Nation, Is Becoming A Hub Of Bitcoin Mining. Find Out Why
Miners solve complex mathematical equations to verify crypto transactions
A surge in mining operations in Venezuela has drawn global attention
Many Venezuelans lack the necessary equipment to mine cryptocurrencies
Venezuelan President Nicolas Maduro had launched a cryptocurrency called 'Petro' in 2017
There are two ways to earn Bitcoin. One is by purchasing it with fiat money from an online exchange and the second more complex way is by mining it. It is a specialised process. Miners solve complex mathematical equations to verify each cryptocurrency transaction and as a reward for their successful effort, earn crypto coins. This process requires heavy computers and other equipment and consumes a vast amount of energy. So, a surge i...