The crypto mining center has the support of the country's crypto regulator, Sunacrip.
Venezuela's Army Starts Cryptocurrency Mining
The Venezuelan Army's cryptocurrency mining center was inaugurated on Nov. 19 by the 61st Agustín Codazzi Engineer Conditioning Brigade, according to local media.
The inauguration was led by Bolivarian Army General Lenin Herrera, Commander of the Brigade. He was accompanied by Major General Domingo Hernández Lárez, Commander of the Bolivarian Army and one of the highest-ranking military personnel in Venezuela. Also present at the event were representatives from Superintendencia Nacional de Criptoactivos y Actividades (Sunacrip) and the private company Crypto & Trading. Sunacrip regulates the crypto sector in Venezuela.
The Brigade posted a video on Instagram explaining its cryptocurrency mining operations. "For the sake of strengthening and self-sustainability of our Bolivarian army, the harvesters of the 61st Agustín Codazzi Engineer Conditioning Brigade, proudly present the technological [blockchain] project of the Army's digital asset production center," it details, as translated by Bitcoin.com. The mining center has the support of more than 26 national legal norms, the country's new anti-blockade law, Sunacrip, and the civic-military alliance.
The video continues:
"The era of cryptocurrency production begins in all units of the military component, which will be unblockable income."
"These local mining farms and the miners' refurbishment line allow production in real-time, defeating the fiat system, blocked and managed by colonialist interests that have affected the Venezuelan people," the video concludes.