Brazil and Venezuela Poised to Boost Latin America's Bitcoin Mining Share

A recent report by Hashrate Index has shed light on the growing presence of Brazil and Venezuela in the bitcoin mining industry. According to the report, both countries have shown significant growth in their hashrate shares, with Brazil increasing its share by 133% year-over-year.

The growth is attributed to the favorable energy conditions in these countries. In Brazil, miners can now negotiate directly with energy generators to lock up tariffs, bypassing distributor tariffs and other surcharges. This has opened up new opportunities for miners in the country.

Venezuela, on the other hand, has an untapped potential in its stranded energy, which could be captured by bitcoin mining operations deployed near generation sources. The report notes that the country's OFAC licensing framework is already allowing private capital to enter the energy sector, providing a template for bitcoin miners to leverage.