Venezuela Legislation Authorizing Cryptocurrency Mining, Pushes Miners to Enter National Mining Pool

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According to the paper, the declaration will result in the creation of the National Digital Mining Pool (NDMP), a body that "seeks to pull together all the miners working in Venezuela." In the meantime, the document signed by Joselit Ramirez, Sunacrip's superintendent, does not indicate "how much it will cost to receive these licences."

However, to ensure that miners comply with these latest rules, the decree officially states that:

The authorities will control the production and importation of mining equipment. Similarly, mining activities for bitcoin and other cryptocurrencies would be allowed to run with State help, but only if Sunacrip approves them.

As reported by News.bitcoin.com in July, Venezuela prohibited bitcoin mining activities in "any low-income area with affordable housing" as a result of what the authorities considered "excessive power use." Previously, the Venezuelan army confiscated approximately 315 Bitmap.

The conflict-torn nation is capped by peer-to-peer bitcoin trade rates in the area alongside Brazil, though it remains a crucial bitcoin mining territory. With a hashrate share of about 0.42%, Venezuela is the only Latin American country to feature the top ten states with the highest bitcoin hash rate in Cambridge University.

That being said, now that the government has standardized bitcoin mining, Venezuela's portion of the overall hash rate is expected to climb.

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Source: Bitcoin.com.

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