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Pietro Paolini

Tearsheet

2022

L'Espresso
Crypto Venezuela

Pietro Paolini

Tearsheet

2022

L'Espresso
Crypto Venezuela

Crypto Venezuela

Venezuela, 2022. A view of Parque Central in Caracas

The heterogeneous world of cryptocurrencies, NFTs and blockchain in Venezuela.

Amidst its worst economic crisis, Venezuela launched the Petro in 2018, the world’s first state-backed digital currency. Meanwhile, cheap electricity fueled a surge in Bitcoin mining, making it profitable even at a small scale.
With hyperinflation devaluing savings—reaching 6,500% in 2020—many Venezuelans turned to the US dollar (now used in 66% of transactions) and cryptocurrencies. Venezuela ranked third in Chainalysis’ 2020 Global Crypto Adoption Index due to high bolivar-to-crypto trade volumes. Binance’s P2P transactions in bolivars rose by 75% in early 2020.
Cryptocurrencies are widely used for remittances, digital payments, and even wages. Businesses like Pizza Hut and supermarkets accept Bitcoin and Dash, while artists and gamers leverage NFTs for income. With over half the population unbanked, crypto offers financial access via mobile apps.
While some see it as a tool for money laundering, others view it as a crucial economic lifeline—one of the few thriving industries in the country, independent of political affiliation.

Crypto Venezuela

Maracay, Venezuela, 2021. Luis started with Cryptocurrencies and mining 4 years ago, now is learning how to repair hashboards for bitcoin mining.

Crypto Venezuela

Venezuela, 2022. The construction of a mining farm that will host 2240 machines to mine Bitcoin. The company DoctorMiner, was born in 2016 from Theodoro Toukoumidis and Juan Jose Pinto. It deals with mining and hosting projects. They have created the first mining pool of Latin America.

Crypto Venezuela

Caracas, Venezuela, 2021. A graphic card to mine Ethereum and other cryptocurrencies.

Crypto Venezuela

Maracay, Venezuela, 2021. Leonardo Bracho, 21 years old, plays Axie Infinity, one the most diffused Play to Earn games, based on NFT technology. He play since 5 months and can gain 200-400$ per month.

Crypto Venezuela

Venezuela, 2022. An active farm in Yaracui with 1100 Bitcoin mining machines. The company was born in 2016 from Theodoro Toukoumidis and Juan Jose Pinto. It deals with mining and hosting projects. They have created the first mining pool of Latin America.

Crypto Venezuela

Caracas, Venezuela, 2021. The production center of Coin Factory. The company founded in 2020 by Alexander Castrillon, produces containers fully equipped for bitcoin mining, they also propose host and techical services.

Crypto Venezuela

Yaracuy, Venezuela, 2022. Power sources in a technical office of the company DoctorMiner. The company was born in 2016 from Theodoro Toukoumidis and Juan Jose Pinto. It deals with mining and hosting projects. They have created the first mining pool of Latin America.

Crypto Venezuela

Caracas, Venezuela, 2021. Nestor, 29 years old, work since two months as welder at Coin Factory. The company founded in 2020 by Alexander Castrillon, produce containers fully equipped for bitcoin mining, they also propose host and techical services.

Crypto Venezuela

Caracas, Venezuela, 2021. A container ready for cryptocurrencies mining produced by Coin Factory, a company founded in 2020 by Alexander Castrillon. The company produce container fully equipped for bitcoin mining, they also propose host and techical services.

Tearsheet

Crypto Venezuela
Crypto Venezuela
Crypto Venezuela
Crypto Venezuela
Crypto Venezuela

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