Constant Blackouts Have Ruined Cryptocurrency Mining Investments in Cuba – Cryptocurrency has reached a remarkable degree of use in Cuba, as citizens utilize it to access services they would not otherwise have access to, including as overseas shopping, mobile and internet top-up services, as well as sending and receiving remittances. However, cryptocurrency mining is struggling to achieve the same popularity.
The current status of the Cuban power infrastructure, which places mining operations in peril due to the country’s frequent blackouts, has destroyed the concept that crypto mining is a prudent investment for Cubans. Raydel González, a small cryptocurrency miner who built his own rig, explained to Cubanet the challenges that miners face in the country currently.
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He stated: “I, like many others, had invested a lot of money in cryptocurrency mining equipment that is not cheap. With the advent of blackouts, cryptocurrency mining in Cuba is unsustainable.” Other miners like Eduardo Gomez purchased power plants in order to keep their operations ongoing, but the scarcity of gas has also made it difficult for these operations that run on off-grid power to be sustainable. Gonez explained that he is still unable to bring revenue from an investment of $5,000.
But even miners who have managed to maintain their operations independently by securing a consistent gas supply to run their facilities are affected by the issue. This is due to the fact that these blackouts also damage the local telecom grid, which cannot be operated with the minimal resources utilized by Etectsa, the Cuban telecom corporation.
This issue was reported in June, when corporate executives were already suffering similar problems. At the time, an anonymous Etecsa worker stated: “Etecsa’s generators are running out of fuel to support so many hours of blackouts. The plants are not capable of generating all the energy necessary to keep so much equipment on for so long and that is why everything works incorrectly.”
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