Venezuela - PDVSA's exposure to Bitcoin Mining

Insight into the players involved, MW capacity available for mining, and commentary on risk.

Venezuela’s military has probably been mining Bitcoin since 2016. Seizures began that year and the military was openly mining in December, 2019 at Fuerte Tiuna military base. Now, state-owned oil firm PDVSA and state-owned electricity firm Corpoelec are getting involved.

Bitcoin miners are mining approximately 300MW to 500MW of electricity, primarily in …