Fun

Museum of Bitcoin Mining History Opens Its Doors in Venezuela

News Feed - 2021-07-20 03:07:41

Museum of Bitcoin Mining History Opens Its Doors in Venezuela


A new museum dedicated to the history of bitcoin mining opened its doors in Venezuela last weekend. The institution will allow visitors to learn about the history of cryptocurrency mining, going from its roots to the current state of the mining industry. The museum is part of a private initiative started by Criptoavila, a mining-dedicated company. Museum of Bitcoin Mining History Debuts in Venezuela


A newly created Museum of Bitcoin Mining History opened its doors to the public in Venezuela last weekend. The new initiative pushed by Criptoavila, a private company whose members have nine years of experience in the mining business, aims to introduce people to the world of bitcoin mining. The museum, which is located in Caracas, will be open to all audiences and will be free to enter.


According to Criptonoticias, the exhibition will show the evolution of Bitcoin mining since its central processing unit (CPU) origins, passing through the graphics processing unit (GPU) mining stage. Then finally arriving at the current application-specific integrated circuit (ASIC) or integrated circuit (IC) mining era that the industry is experiencing. One of the objectives of this museum is to increase awareness about bitcoin mining in the general population, as Joan Telo, a member of Criptoavila stated. He stressed: We decided to take this step because, until now, there is no, or at least not publicly, place where people can observe evolution and we felt it was necessary.


Telo also stated they would be adding new equipment to keep up-to-date with the latest trends in mining. He declared: Our idea is to add equipment to the museum as we get them because we want to be a world reference on this issue of the evolutionary process of cryptocurrency mining. Bitcoin Mining Has a Dark Background in the Country


While Venezuela’s government has now recognized and legalized bitcoin mining in the country, it was not always like this. Miners in the country often operated underground and there have been some horror stories of authorities abusing miners, arresting them, and confiscating their mining equipment.


Now times have changed, and miners only need to be registered and licensed by the national cryptocurrency watchdog (Sunacrip) to operate. But some are still operating without these permits due to fears and general lack of knowledge, leaving them vulnerable to equipment seizures and fines from the government. For example, 400 mining machines were just seized in two operations in June due to a lack of permits.


According to the University of Cambridge, Venezuela was in the top ten countries worldwide providing hashrate for the Bitcoin (BTC) network, with 0.42% as of April last year.


What do you think about the first Venezuelan Bitcoin mining museum? Tell us in the comments section below. Binance Enters Popular Venezuelan Dollar Indexes as Currency Plunges 10% in One Week NEWS | 5 hours ago Former Heavyweight Boxing Champion Mike Tyson Asks Fans if They Prefer Bitcoin or Ethereum NEWS | 21 hours ago Tags in this story ASIC, Bitcoin mining, BTC Mining, CPU, criptoavila, Cryptocurrency, GPU, IC Units, joan telo, museum, Sunacrip, Venezuela


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Web3 game Wilder World gets Epic Game Store listing during alpha testing
Tristan Greene7 hours agoWeb3 game Wilder World gets Epic Game Store listing during alpha testingThe makers of Wilder World claim that it will be the “ultimate game” by combining popular genres into a single experien
Ray Salmond11 hours agoWater & Music’s Cherie Hu says Web3 and AI will revolutionize creativity: The AgendaWater & Music founder Cherie Hu explains how technology is evolving the music industry — but is it to
Alice Ivey9 hours ago5 ChatGPT prompts for web developersUncover the synergy between ChatGPT and web development with five intriguing prompts that spark creativity and problem-solving.1376 Total views12 Total sharesListe
Savannah Fortis4 minutes agoStanford to return millions in crypto donations from FTXThe university said it intends to return the “entirety” of funds received from former cryptocurrency exchange FTX, which it claims w
Report: Ghanaian Cedi Slides Further Versus the US Dollar to Become World’s Worst-Performing Currency
Report: Ghanaian Cedi Slides Further Versus the US Dollar to Become World"s Worst-Performing Currency As Ghana waits for a financial bailout from the International Monetary Fund (I
Bitcoin ETFs Coming To Japan? Government Prepares To End Ban
Este artículo también está disponible en español. The sun could be set to shine brighter in Japan’s financial horizon, as regulators take another look at how Bitcoi
Crypto Patent Alliance Questions Craig Wright’s White Paper Copyright Claim
Crypto Patent Alliance Questions Craig Wright"s White Paper Copyright Claim Back in January, the notorious Craig Wright who claims to be Satoshi Nakamoto had his
2 theories why GBTC sticks to high fees despite bleeding billions
Jesse Coghlan5 hours ago2 theories why GBTC sticks to high fees despite bleeding billionsGrayscale’s Bitcoin ETF has bled over $14 billion and it hasn’t lowered its industry-high fees, but ex-Wall Street analyst Jim
1inch partners with Blockaid to combat DeFi fraud and cyber threats
Ezra Reguerra39 minutes ago1inch partners with Blockaid to combat DeFi fraud and cyber threatsBlockaid CEO Ido Ben-Natan told Cointelegraph that the product allows developers to integrate the solution through an API, avo
Bank of England Hikes Bank Rate to 0.5%, Governor Andrew Bailey Hints at Wage Restraints
Bank of England Hikes Bank Rate to 0.5%, Governor Andrew Bailey Hints at Wage Restraints The Bank of England (BOE) raised the country’s benchmark bank rate from 0.25% to 0.5
Tom Blackstone6 hours agoKyberSwap attacker used ‘infinite money glitch’ to drain funds — DeFi expertBy exploiting a bug, the attacker caused liquidity to be “double-counted,” allowing them to get an unfair pri
VC Roundup: Venture firms push Web3 forward despite macro headwinds
Ana Paula Pereira4 hours agoVC Roundup: Venture firms push Web3 forward despite macro headwindsThis edition of Cointelegraph’s VC Roundup features Mira, Astria, Compute Labs, BOB, Dora and BITKRAFT Ventures.1050 Total