Venezuela Launches A National Crypto Mining Program

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Crypto mining farms

Nicolas Maduro, the Venezuelan president, has kicked off a program aimed at encouraging citizens of the South American country to initiate crypto mining projects around the country. While delivering a speech in Caracas, Maduro called on young people to take risks and build virtual currency mining facilities under the program known as Youth Digital Work Plan.
Registration for the Youth Digital Work Plan is expected to start mid next month. According to Maduro, a minimum of one million students are expected to register. Besides students Maduro has also encouraged the homeless, single mothers and unemployed person to get into crypto mining.

Mining farms

The youth minister of Venezuela, Pedro Infante, has also indicated that there will be a total of 24 virtual currency mining farms that will be set up with a view to offering training in matters related to cryptocurrencies. According to the youth minister approximately $2.9 million has been set aside for the purposes of setting up the mining farms. Infante has disclosed that about 60% of Venezuela?s population is composed of young people.
Last month the government of Venezuela launched a school where citizens can be educated on virtual currencies and this includes the mining process. The media in Venezuela has reported that mining rigs will be put up by VIT – Venezolana de Industria Tecnol?gica. It is understood that the Venezuelan president is expecting the virtual currency mining farms to strengthen the value of the Petro (PTR), the national cryptocurrency of the South American nation. This is despite the fact that the Petro is pre-mined.

Executive order

Towards the end of last month Maduro had called on the banks in Venezuela to engage in the mining and use of the Petro. The Venezuelan president had also ordered the state-owned firms including gold and aluminum producers as well as gas and oil companies to use the national virtual currency for a certain portion of their purchases and sales. This elicited opposition from legislators and union leaders.
?That seems to us an abuse of power and a totalitarianism. In addition, [the Petro] is a virtual currency that violates the Constitution. As workers, we disagree that this cryptocurrency is imposed on us,? National Union of Workers’ national coordinator, Ana Yanez, said.

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