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Venezuela bitcoin hashrate up 122 percent despite ban, Fernando Nikolic notes

Venezuela bitcoin hashrate up 122 percent despite ban, Fernando Nikolic notes
Venezuela bitcoin hashrate surges despite ban

Fernando Nikolic, founder at Perception, observes that Venezuela's total ban on bitcoin mining and its ongoing electricity crisis have not prevented a significant increase in mining activity.

Nikolic points out that the country's bitcoin hashrate has risen 122 percent in a year, indicating that miners continue to operate where power is cheap despite regulatory obstacles. Meanwhile, miners in jurisdictions where mining is legal are struggling with reduced capacity due to tight margins.

Nikolic previously developed a tool to track bitcoin statements and predictions since 2011, flagging failed forecasts over time. He also noted that the IMF is seeking more details on government bitcoin reserves, aligning with calls for increased transparency. Further information on these initiatives is available in his coverage of the bitcoin prediction tracking tool and the IMF's bitcoin disclosure request.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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