A newly created Bitcoin mining museum opened its doors to the public in Venezuela. The initiative was pushed by Criptoavila, a private company whose members have nine years of experience in the mining business,. They aim to introduce people to the world of bitcoin mining. The museum, which is located in Caracas, will be open to all audiences and will be free to enter.
Venezuela will have a Bitcoin Mining Museum (BTC) so that visitors can enjoy the historical evolution of the equipment that has been used for the extraction of the cryptocurrency.
Bitcoin has led the world on a roller-coaster ride of excitement and panic over the past several months as its value has shot around like a ball in a pinball machine. Let’s take a step back from biting our nails to look at the potential that cryptocurrencies hold for the museum world, as well as how some museums have already embraced this new trend and all the possibilities it has to offer.
Bitcoin was created in 2009 by the pseudonymous Satoshi Nakamoto as the first decentralized cryptocurrency and the mining process is central to how the network operates. While it’s still the most well known, these days it has its fair share of imitators, forks and competitors (including Bitcoin Cash, BSV and Bitcoin Gold as well as other decentralized, digital currencies) where there is no central regulating bank, but rather a chain of transactions called the blockchain that acts as an open record of all transactions include Ethereum, Ripple, Litecoin, Dash, and many more.
While Venezuela’s government has now recognized and legalized bitcoin mining in the country, it was not always like this and Miners in the country often operated underground with claims of authorities abusing miners, arresting them, and confiscating mining equipments.
The Bitcoin Mining Museum will showcase a sampling of the technology platforms used by miners from the early days of Bitcoin, such as CPUs, through GPUs and FGPAs, right through to the modern era of application-specific integrated circuits, better known as ASIC chips.
The initiative was developed by a group of entrepreneurs dedicated, for 9 years, to cryptocurrency mining in Venezuela, who formed the company CriptoAvila.
“We determined to take this step as a result of, till now, there isn’t any, or at the least not publicly, place the place folks can observe evolution and we felt it was obligatory. Every tools, every model, and mannequin that we are going to exhibit has a narrative to inform, both as a result of they’ve been transcendental within the historical past of mining or as a result of they represented obstacles. Inside this story, there are additionally scams, tools that ended up harming many individuals who tried to mine bitcoin on the time.”Joan Telo
Venezuela could be preserving history through the Bitcoin mining museum
Historically, Bitcoin mining always had its focus of attention in China where more than 60% of the processing power of the network was generated worldwide. However, the recent repression of that country against the extraction of cryptocurrencies, has forced the miners to look for other places to settle. Some have emigrated to Kazakhstan and others to North America, but Latin America seems to be writing a new history in this industry, given that El Salvador and Argentina stand out as countries with potential for Bitcoin mining.
Venezuela, even since last year, has been listed among the 10 countries with the greatest presence in Bitcoin mining. At that time, the Caribbean country registered 0.42% of the total hash rate, although occasionally that figure has been higher. Paraguay also had 0.29%, while countries such as Mexico, the Dominican Republic, Colombia, Argentina and others in Central America and the Caribbean offered figures that together represented more than 0.25%.
What the future holds, and why preserving the past is important.
Although Bitcoin and other cryptocurrencies have not yet become universally accepted, the growing awareness of their usefulness and unique potential will likely prompt more and more institutions, including museums, to accept cryptocurrency transactions. It’s clear that blockchain technology, however, is the real power behind cryptocurrency’s potential, and it’s likely that we’ll be seeing much more of it in the museum, nonprofit, and art world in the future!