The Cuban Telecom corporation cannot run the telecom grid during periodic outages.

Blackouts have made crypto mining in Cuba unfeasible.

In Cuba, cryptocurrency has advanced to the point that its inhabitants may use it to purchase goods online from outside, recharge their mobile phones and the internet, and send and receive money from family and friends living outside of the country. However, challenges remain for cryptocurrency mining to achieve the same degree of ubiquity.

The present status of the Cuban power infrastructure, which puts mining operations at risk owing to the country’s frequent blackouts, has destroyed the belief that crypto mining is a good investment for Cubans. Cryptocurrency miner Raydel González, who constructed his own rig, spoke with Cubanet, a local news outlet, about the challenges miners face in the nation today.

Trouble Rises for Miners

Just like many others, he had spent a lot of money on cryptocurrency mining equipment, which is not inexpensive. Blackouts have made crypto mining in Cuba unfeasible, as per Raydel.

Other miners, like Eduardo Gomez, have invested in power plants to maintain operations, but the paucity of gas has made it difficult for these businesses to survive. Gonez highlighted that after spending $5,000 he has yet to see any return. Not to forget the falling prices of cryptocurrencies amid a sluggish market.

However, the problem is affecting everyone, even miners who have gone completely off the grid by securing a steady supply of gas with which to destroy their processing facilities. This is because Etecsa, the Cuban Telecom corporation, cannot run the local telecom grid during periodic outages due to a lack of resources. As early as June, when other corporate officials were experiencing similar difficulties, this issue was first disclosed.

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Filed under: Bitcoin - @ December 12, 2022 11:20 am