Several small investors have manifested that the constant blackouts in several parts of Cuba have made cryptocurrency mining unsustainable, rendering them unable to operate their rigs. The outages also affect telecommunications, leaving some of these operations that rely on off-grid power plants without the internet needed to complete mining tasks.
Cryptocurrency mining in Cuba is not possible under current conditions
Cryptocurrency has reached a remarkable level of functionality in Cuba, as citizens use it as an alternative to obtain services they would otherwise be unable to obtain, including international shopping, mobile and internet top-up services, and even sending and receiving money transfers . However, cryptocurrency mining is struggling to reach the same level of popularity.
While crypto mining was once considered a smart investment by Cubans, this idea has been ruined by the current state of the Cuban power grid, which puts mining at risk due to the constant blackouts the country faces. Raydel González, a small cryptocurrency miner who built his own rig, explained to local news website Cubanet the difficulties that a miner faces in the country today. He stated:
I, like many others, had invested a lot of money in cryptocurrency mining equipment which is not cheap. With the arrival of blackouts, cryptocurrency mining in Cuba is unsustainable.
Other miners like Eduardo Gomez bought power plants to keep operations going, but the scarcity of gas has also made it difficult for these operations that run on off-grid electricity to be sustainable. Gonez explained that he is still unable to get income from a $5,000 investment.
Telecommunications are also affected
But even miners who have managed to run their operations offline after securing a constant flow of gas to destroy their facilities are affected by the problem. This is because these blackouts also affect the local telecommunications network, which cannot be operated with the limited facilities that Etectsa, the local Cuban telecom company, utilizes.
This issue was reported in June when company officials were already facing similar issues. At the time, an anonymous Etecsa worker stated:
Etecsa’s generators are running out of fuel to support so many hours of power outages. The plants are not able to generate all the energy needed to keep so much equipment going for so long, and that’s why everything malfunctions.
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