Venezuelan army will earn by cryptocurrency mining: what is known about the military plan

The Venezuelan army will be engaged in industrial mining of cryptocurrencies. The military announced the creation of a special mining center. So they want to increase their earnings. The presentation of the “Center for the extraction of digital currencies of the Bolivarian Army of Venezuela” took place on the social network Instagram, according to Cointelegraph.

The video shows many ASIC miners for different cryptocurrencies based on the consensus Proof-of-Work (PoW). Why should the military own cryptocurrency According to General Lenin Herrera, the main purpose of their plan to own cryptocurrencies is to “strengthen and maintain the self-sufficiency of Bolivarian army units.” He argues that the extraction of digital currencies will create an additional source of income that cannot be blocked. These are economic sanctions imposed by the United States.

Cryptocurrencies in Venezuela Digital currencies are very popular in this country. This is where fast food chains like Burger King and Pizza Hut are already accepting cryptocurrency payments. In addition, you can pay for goods in cryptocurrencies in 20,000 stores across Venezuela. At the end of 2018, the state cryptocurrency El Petro was launched in Venezuela, backed by oil reserves. The country’s authorities are promoting the new asset in every possible way. However, despite all the efforts of officials, the coin never became popular.