Bitcoin mining can be quite the profitable business in countries such as Venezuela. Despite the allure this concept may have, it is not a guarantee of success either. Considering the financial turmoil and stagnating job market in the country, cryptocurrency can make a significant impact. In fact, for some people, it may be their only hope to survive in these times of economic hardship.
The financial situation in Venezuela has been documented multiple times over the past few months. With the national currency falling in price, and the government running out of money quickly, things go from bad to worse. Monthly stipends are worth roughly US$9, which is insufficient to survive.
Enter the Bitcoin ecosystem, with its allure of financial freedom and golden opportunities. Getting involved in Bitcoin is not easy, but it is worth the trouble in Venezuela. Some locals even started their down mining operations, in the hopes of improving living conditions. However, running such an operation is not without risks by any means.