According to reports, Singapore-based blockchain mining company MinePro plans to invest in a new Bitcoin mining facility in Venezuela. Founded in 2017, MinePro is a company that specializes in blockchain mining with a total asset value of $3.3 billion and a strong research and development team. This investment plan will become the company’s first mining facility in South America.
Venezuela was chosen as the location for MinePro’s new mining facility due to its abundant wind energy resources and low electricity costs, which are very attractive conditions for the mining industry. In addition, the Venezuelan government strongly supports the development of blockchain technology, and MinePro’s investment group has deep ties with the government, creating a favorable political and economic environment for the company’s investment in the region.
In contrast, the electricity prices in countries such as Canada and the United States are much higher, which has become an obstacle for MinePro to achieve high profit margins in these regions. Therefore, choosing to invest in a new mining facility in Venezuela is a wiser decision.
The mining facility is expected to cost $1 billion and will be MinePro’s first mining facility in South America.
In addition, with the volatility of the Bitcoin market in recent years, miners need mining facilities that can provide cheap electricity to ensure their high profits. MinePro’s mining facility will be able to provide stable electricity, creating more profits for miners.
Overall, MinePro’s investment in a new Bitcoin mining facility in Venezuela will bring substantial returns for the company and its investors, while also promoting the development of blockchain technology in the country and bringing more opportunities to the global Bitcoin mining market.