Caracas has been gripped by the cryptocurrency fever. Almost in each and every home, you will find a cryptocurrency mining rig. The cities are consistently mining cryptocurrencies. Individuals are buying the rigs and running them at their home. Currently, the profit margin is just around $ 6 per day.
Even unemployed individuals are buying up the cryptocurrency mining rigs in order to create a side business. The only problem is that the sound which is produced by the machines is actually pretty loud. One individual had to move a cryptocurrency mining rig to his parent’s home after the neighbors complained about the sound. However, later on, he scaled up and invested in 3 different machines. With the help of 3 machines, he’s making around $ 1000 per month. This is a tidy sum in the city as the Fiat currency of the country has been in a downward spiral for a long period of time.
The country is suffering from economic depression. As a result, even a small sum of $ 6 per day is decent money. The cost of electricity is also on the lower side. As a result, the miners are able to make a tidy sum of profits.
Owing to the economic turbulence in the country, many people have been thrusted into poverty. As a result, they are finding innovative ways in order to make money. Many people have also fled overseas in order to avoid the hyperinflation. The inflation is around 16,000% in the last 12 months. Moreover, with the local currency in a downward spiral, a family of 4 can easily live on $ 500 a month.
For some of the individuals who are not mining cryptocurrencies, the relief seems to come from remittances which come from abroad. Quite a few people have gone to developed economies and therefore even small remittances are seen as a big relief by the locals. Some individuals are also trying their hand at online fantasy games in the hope that they will be able to win a small amount of money.
Most of the people are finding solace in cryptocurrency mining as it is able to make them a decent sum of money just by monitoring the machines around the clock. Caracas has become one of the biggest cryptocurrency mining operations in the entire world. The best thing about Caracas is that it is truly decentralized mining as each individual is mining cryptocurrencies on their own.
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