Know About New Legalized Regulations for Bitcoin Mining in Venezuela

• Nitish Srivastava
• October 11, 2020

In this article, we will focus on new legalized regulations for Bitcoin Mining Venezuela territory. We will throw some light on what is Bitcoin mining and how to become a pro in the Bitcoin space. 

 

Table of Content 

 

• What is Bitcoin Mining?
• New Legalized Bitcoin Mining in Venezuela
• How to Become a Certified Bitcoin Expert?
• Concluding Lines 

 

What is Bitcoin Mining?

 

Mining is a process of recording new transactions on the blockchain ledger. If user A makes a transaction to user B, nobody can see it until the miners confirm the transaction by finding the nonce. Only after the nonce has been verified, the transaction is added to the Blockchain. Moreover, by doing this, every miner receives a monetary reward, and that’s how the mining is done. Miners for Bitcoins receive bitcoin as a reward for completing “blocks” of verified transactions which are added to the blockchain network.

 

They use CPU power or GPU power to identify the nonce, through which they can create the digest signature of the next block, which is always less than the recently added block, similar to the proof of work algorithm. Miners try to guess a nonce since that is the only way to find the nonce due to the vastness of the number space. Once a miner has guessed the nonce, then he announces it to the entire network letting other miners know he solved the block, and he will receive the reward for it. This allows the other miners to know that they should begin solving the next block in the chain.

 

 Since miners are compensated for their work with crypto tokens, the mining process has a magnetic attraction for millions of crypto enthusiasts and investors. 

 

New Legalized Bitcoin Mining in Venezuela

 

According to the latest announcement, Venezuela has legalized bitcoin mining following the order issued by the National Superintendency of Crypto Assets and Related Activities. 

 

Although in mid of July 2020, it was reported that the Venezuelan government had banned mining operations specifically in low-income areas with subsidized electrical costs. The reason for such bans 

 was due to high power consumption in those particular areas.

 

All entities involved in legally mining must now apply for a licence from the agency as part of the new regulations. 

 

It was mentioned that in order to ensure miners conform with these new regulations, the new law would govern the use, commercialization, importation and creation of mining equipment. Apart from this, mining farms all cryptocurrencies will be able to run with the support of the State, but only if Sunacrip inspects them.

 

The document also announced the development of a National Digital Mining Pool aimed at bringing together all the miners of Venezuela and

 in order to function legally, those who operate ASIC equipment for mining Bitcoin and other cryptocurrencies must link to the respective pool.

 

It was mentioned that Miners that will operate outside this Mining pool would be subject “to the measures, infractions, and sanctions as set forth in the decree document.”

 

How to Become a Certified Bitcoin Expert?

 

Bitcoin was never so successful before. 

Yeah, there’s still a lot of cryptocurrency uncertainty, but that hasn’t prevented the adoption of Bitcoin by thousands of companies all over the world. As demand is increasing with each passing day, more and more have started understanding the benefits and opportunities with Bitcoin.

 

But before starting with Bitcoin, it is crucial to gain in-depth knowledge of the practical and theoretical fundamentals of bitcoin.

 

Certified Bitcoin Expert is a skilled professional who understands and knows the fundamentals of bitcoin and also uses the gathered knowledge to build Blockchain-based applications to re-invent the traditional running businesses. 

 

Blockchain Council, a globally recognized online organization, imparts world-class training and certification courses in Crypto/Blockchain space. The certification covers a wide range of topics right from the introduction to bitcoin and Blockchain to P2P networks, regulations around bitcoin, bitcoin working & its units and how to buy bitcoins. 

 

Apart from that, Blockchain Council offers Online Degree in Cryptocurrency & Trading, an online program with the provision of concise and practical comprehension of Cryptocurrency & trading.

 

Concluding Lines 

 

Bitcoiners are abuzz over new data that shows that more individuals could tiptoe into the market. Bitcoin is here to stay, and its underlying technology, Blockchain is proven to be safe and secure. According to cryptocurrency analysts and leaders, the market capitalization of Bitcoins is booming and will continue to unfold in the years to come. Thus, it is clear that Bitcoin is the future.

 

If you are wondering what Bitcoin is and how to get started, what are Bitcoin trading strategies for making optimal trading decisions in the bustling Crypto market, getting enrolled in Blockchain Council is the one-stop solution. 

 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.