Free Electricity Fuels a Crypto-Mining Boom in Caracas

Editors Note: There are few places as chaotic or dangerous as Venezuela. “Life in Caracas” is a series of short stories that seeks to capture the surreal quality of living in a land in total disarray.

Crypto fever may have cooled across much of the globe, but don’t tell that to folks here in Caracas. They’re mining coins like crazy.

One buddy of mine who works in advertising bought a machine, set it up in his home and told his 20-year-old son to run it 24/7. They’re grinding out about $6 a day. Another friend, an unemployed programmer, also installed one in his apartment. The darn thing was so loud, though, that the neighbors complained until he moved it to his parents’ home across town. And still another friend invested with his family in three machines. They’re now clearing $1,000 a month. That’s a small fortune here.

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