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Venezuela Plans to Establish New Electricity Price Standard for Crypto Mining Industry
Summary: Venezuela's cryptocurrency regulator has signed a legal agreement with the Ministry of Electricity to establish guidelines to improve Bitcoin and other crypto mining activities across the country. It is not clear that the move will have an impact on the country's electricity costs. The two institutions also want to evaluate the feasibility of the cryptocurrency ...
Venezuela's cryptocurrency regulator has signed a legal agreement with the Ministry of Electricity to establish guidelines to improve Bitcoin and other crypto mining activities across the country. It is not clear that the move will have an impact on the country's electricity costs. The two institutions also want to evaluate the feasibility of the cryptocurrency mining project for which permission is applied.
The Ministry of Electricity will check whether the project meets the technical requirements (details are yet to be determined) and whether these sites have a suitable environment for mining activities. If the conditions are not met, the Ministry of Electricity has the right to refuse the application for permission. According to local officials, the government is discussing the establishment of a fair electricity price. But in Venezuela, energy is almost free, this may be a way for them to increase electricity prices.
By Amy Liu
Tags: Crypto Mining,Electricity,Venezuela
Link: Venezuela Plans to Establish New Electricity Price Standard for Crypto Mining Industry [Copy]
