U.S. Development of Venezuelan Oil Could Lower Bitcoin Mining Costs, Says Bitfinex

According to multiple media reports on the 6th, experts at cryptocurrency exchange Bitfinex have analyzed that if U.S. companies proceed with the development of Venezuelan crude oil, it could lead to lower electricity costs and improved profitability for Bitcoin (BTC) miners.

Bitfinex points out that 'more affordable and abundant energy supply could enhance profit margins for miners globally and open new phases of mining expansion in regions that can secure long-term power agreements.'

Venezuela boasts one of the world's largest oil reserves, yet its production has significantly declined. In the 1970s, it produced about 3.5 million barrels per day, accounting for a substantial portion of the global supply...