Mining News in Latin America

On the second day of the fifth edition of the Blockchain Summit Latam 2021, the experts spoke in their second meeting scheduled for today the â ????News about mining in Latin Americaâ ????.

A 35-minute debate was held over the antagonism that exists between some states in the region that support Bitcoin mining activity and those that suppress it. In addition, the regulatory framework of Latin America in mining and the feasibility of activity in the region.

Lila Alves, Content Creator, was responsible for moderating the room, accompanied by panelists Aníbal Garrido, Crypto Finance Advisor, Juan José Pinto, Founder of Doctorminer, and Alejandro de la Torre, Vice President of Poolin.

Mining News in Latin America
Mining News in Latin America

The space was framed in connection with the admission of Bitcoin as legal tender in El Salvador, which motivated the panelists to make the current opposition to mining activities in some countries, and in the specific case of China, a ban on these activities on its territory and the positive ones and negative effects these actions could have on the Latin American continent.

With that in mind, Alejandro de la Torre, Vice President of Poolin stated that this situation of mining ban in the Asian country is causing a worldwide expansion of this activity, adding that it will have a positive effect on Bitcoin as the cryptocurrency is now being used Have mining infrastructure that will be in place in many other countries.

Likewise, AnÃbal Garrido agrees that the foregoing has a positive effect, especially for those who do this activity, as it is a wake up call to consider that mining is an activity that should be carried out in regions where it is not is the practice of risking this action, nor the people who invest in it. This event has shown that â ???? Bitcoin is a free, secure, and decentralized currency that resists any attackto????.

For his part, Juan José Pinto believes that this action, in this context, is a lesson from the diversification and distribution of operations around the world, including Latin America.

 â ???? The miners shouldn’t have to rely on the state, I don’t trust any state, any government, no matter how many regulations they give you, something can always happen (…) the lesson in this case It means to diversify, not to concentrate all operations in one place due to the instability that exists in relation to the level of regulation, ”said the founder of Doctorminer.

In this second debate, the normative and regulatory framework for mining in Latin America was addressed, where the position that El Salvador is currently taking against Bitcoin was highlighted, they assured that there are regions like Venezuela, Paraguay and Panama that are currently working on the regulatory framework for mining on the mainland. They believe that it is important to keep the networks diversified in different regions in case the government bans the activity in that country.

In addition, they agreed that minimum requirements are required for the activity to operate and that the establishment of a legal framework is essential to provide legal guarantees to miners and to attract potential investors.

Finally, they made it clear that censorship of Bitcoin transactions by the state was impossible, and they assured them that Latin America has regions such as Venezuela, Paraguay and Argentina with great energy potential where this activity is carried out.

At the end of the presentation, the panelists gave their impressions of the cost-benefit ratio of practicing this activity in Latin America, adding that for the implementation of this activity it is necessary to take into account certain conditions, which are the effectiveness of the practical and one of them is the energetic part .

They also stated that this activity can create new sources of employment and new models of electricity generation that will generate additional income for the countries where these mining farms are being developed.

to????In energetic terms, Latin America has potential (…) it is the one that has the most power that has yet to be exploited …said Juan José Pinto, founder of Doctorminer.

Similar Posts