Insufficient Power Sources Mounts Pressure on Crypto Miners in Cuba

Lack of Power Resources Mounts Pressure on Crypto Miners in Cuba
  • The Cuban Telecom corporation cannot run the telecom grid during periodic outages.
  • Blackouts make crypto mining in Cuba unfeasible.

In Cuba, cryptocurrency has advanced to the stage that it is occupants could use it to buy goods online from outdoors, recharge their cell phones and also the internet, and receive and send money from family and buddies living outdoors of the nation. However, challenges remain for cryptocurrency mining to offer the same amount of ubiquity.

The current status from the Cuban power infrastructure, which puts mining operations in danger because of the country’s frequent blackouts, has destroyed the fact that crypto mining is a great investment for Cubans. Cryptocurrency miner Raydel González, who built their own rig, spoken with Cubanet, a nearby news outlet, concerning the challenges miners face in america today.

Trouble Increases for Miners

Much like many more, he’d spent lots of money on cryptocurrency mining equipment, which isn’t affordable. Blackouts make crypto mining in Cuba unfeasible, according to Raydel.

Other miners, like Eduardo Gomez, have committed to power plants to keep operations, however the paucity of gas makes it hard for these companies to outlive. Gonez highlighted that whenever spending $5,000 he’s yet to determine any return. Never to forget the falling prices of cryptocurrencies among a pokey market.

However, the issue is affecting everybody, even miners who’ve gone completely from the grid by securing a stable way to obtain gas that to eliminate their processing facilities. It is because Etecsa, the Cuban Telecom corporation, cannot run the neighborhood telecom grid during periodic outages as a result of insufficient sources. As soon as June, when other corporate officials were experiencing similar difficulties, this problem was initially disclosed.

Latest stories

You might also like...