While most countries have been in news to regulate cryptocurrencies, Venezuela is breaking the trend by calling its citizens to build cryptocurrency mining farms all over the country.
Nicolas Maduro, President of Venezuela with his government has set up cryptocurrency mining program which is meant to attract at least 1 million people : university students, unemployed, single mothers and homeless. If this program works, and is set into action further for mining process, Venezuela may experience a boom in its employability.
The program is set to target at least 1 million of the Venezuelan population with a special focus on women under 35.
Speaking in Caracas, Maduro said young people should be “infected with courage” and set up “cryptocurrency mining farms throughout Venezuela”.
The program mentioned above is named “Plan Chamba Juvenil Digital (Youth Digital Work Plan)”. The registration from the same program is meant to open by 15th April. Maduro also tweeted,
“Attention, young people!…Today Chamba Juvenil Digital emerges to allow youths to form cryptocurrency farms that can mine world currencies. Because Venezuela does not give up!”
At the same time The head of state further elaborated,
“The program was designed to help incorporate young people – including university students, the unemployed, single mothers and the homeless – into working life. It is also expected to provide employment opportunities to recent graduates.”
More about Cryptocurrency Mining Farms
Last Thursday, Venezuela’s youth minister Pedro Infante said that 24 cryptocurrency mining farms are to be built which will strengthen the training process in the area of cryptocurrencies. It was also further revealed that his government has approved 96 billion bolivars (~USD$2.9 million) for the establishment of these cryptocurrency mining farms.
Maduro is very hopeful that these cryptocurrency mining farms will “strengthen the petro.” The problem being that the new Venezuelan digital currency itself is pre-mined. “At the beginning of the [petro] pre-sale process, the entire issue will be in the digital portfolios of the Republic,” the currency’s white paper states.
Maduro claimed that Petro has “generated over US$5 billion during its pre-sale period and, as of March 10, had recorded more than 186,000 certified purchase.”
But with advent of these cryptocurrency mining farms, one is yet to see how things pan out in Venezuela.