Cryptocurrency Mining In Cuba Suffers Significant Losses Due To Continuous Power Outages
Several small investors have raised concern that sporadic power shortages in some parts of Cuba have rendered cryptocurrency mining unsustainable, rendering their rigs inoperable.
Although Bitcoin mining was originally seen to be a wise investment by Cubans, the operation has been considerably impeded by the island’s current intermittent power outages.
Raydel González, a small cryptocurrency mining company, detailed the challenges they face: “I, like many others, have invested a significant amount of money in crypto mining equipment, which is not cheap.” Crypto mining in Cuba is unsustainable due to frequent power interruptions.
Other miners, such as Eduardo Gomez, have purchased power plants to keep their operations running, although gas scarcity has made these operations tough to maintain.
Gonez noted that they had yet to see a return on their $5,000 investment.
However, even Bitcoin miners who operate outside of the Cuban power grid are affected.
This is due to the fact that these blackouts also impair the local telecommunications network, which is unable to function with the plants employed by Etectsa, the local Cuban telecoms operator.
According to an unidentified Etecsa employee, Etecsa’s generators are running out of gasoline after so many hours of power interruptions. Factories are unable of producing all of the energy required to keep so many devices functioning for extended periods of time, which is why things don’t work properly.
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