Venezuelan military announces Bitcoin mining operations
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Venezuelan military announces Bitcoin mining operations
They previously only seized containers full of cryptocurrency mining rigs, but have now begun actively using them.
Navigating Web3 tides with focused insightsAccording to a video posted on Instagram by the 61st Battalion of Venezuela's Army Engineering Brigade No. 6 (@ejb_61brig), special forces have transformed a military base into a massive mining hub, installing ASIC mining machines and even establishing a repair center to refurbish and fix old or damaged mining equipment.
The troops appear to have converted a large warehouse into what they call a "digital asset production center."
In a news broadcast shared by the ConflictsW Twitter account, a news anchor stated that this center is the first Bitcoin mining facility built by the armed forces, located within the military barracks at Fuerte Tiuna in Caracas.
Fuerte Tiuna serves as the central hub of the Venezuelan military and houses the Ministry of Popular Power for Defense.
The news footage also shows local government officials on site, including Joselit Ramírez, head of the Superintendency for Crypto Activities and Related Services (Sunacrip), cutting a blue ribbon to mark its official opening.
This marks a significant shift for the Venezuelan Armed Forces—previously known for seizing shipments of cryptocurrency mining equipment, they are now actively deploying it themselves.
In July of this year, Venezuela’s National Guard announced the seizure of a truck carrying 315 Antminer S9 units from a local entrepreneur.
Cryptocurrency mining is explicitly legal in Venezuela, but to carry out such activities, operators must register their Bitcoin mining operations with the national registry.
According to 2018 news reports, the South American nation of Venezuela was heading toward the worst hyperinflation in its history, with inflation rates projected to soar to an astonishing 1,000,000%. The Venezuelan government printed money uncontrollably, causing prices to rise 460-fold.
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