Bitcoin Mining Boom In Argentina After Increasing Hyperinflation

Argentina is becoming the choice of Bitcoin miners because of its low-cost subsidized commercial electricity and controlled currency limit that helps miners make significant profits in Bitcoin mining. At a time when hyperinflation forced citizens to seek a better alternative and search for a $ 200 currency conversion limit, Bitcoin became an active way to save people's earnings. Previously, rising inflation in Argentina caused a significant part of the country to turn to Bitcoin to use it as an inflation protection. Now Bitcoin mining is proving to be a profitable investment. A Buenos Aires miner explained why Bitcoin mining is a profitable investment in the region. The majority of Bitcoin mining in Argentina says, "Even after the Bitcoin price correction, the electricity costs of anyone mining from their homes are still a fraction of the total revenue generated," because of the cheap electricity costs. The miners sell their Bitcoin earnings at a parallel exchange rate, allowing them to cope with increased hyperinflation. Will Argentina follow in Iran's footsteps? Iran experiences similar turmoil when Argentina and the US sanctions only increase their misery. Amid rising inflation and trade sanctions, Iran decided to use its electricity generation for Bitcoin mining and continued to regulate the market. It also considered using Bitcoin for foreign transactions at some point. Iran has recently temporarily banned all crypto mining in the country due to power outages and blackouts. The president blamed illegal mining in the country for the electricity shortage. While Argentina is a net gas importer, the household electricity bill represents only 2% -3% of the total cost due to subsidized policies. Housing mining may see an increase in the wake of worsening financial conditions. Argentina's Bitcoin Mining Booms post first appeared in Coingape after soaring hyperinflation

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