The Venezuelan parliament has a date with the energy sector. Jorge Rodríguez, president of the National Assembly, confirmed that the second reading of the Partial Reform of the Organic Law on the Electric System and Service will be brought to the session on Tuesday, November 10, with the intention of passing it that same day and sending it for promulgation.
The central point of the text, as Rodríguez himself previewed, is to enable the private business sector to generate and sell electricity, under conditions that—according to his remarks—will not harm residential consumers, producers, or industry. The law would also set sales tariffs, with the promise of expanding the service’s availability.
For PitbullChain, this news is about more than just infrastructure: it directly affects the parallel dollar economy, the P2P market, and the future of cryptocurrency mining in the country.
📊 What changes, exactly
Until now, electricity generation in Venezuela has been concentrated in the hands of the State through the national system. The reform introduces a measure that business owners have been calling for for years: the ability to generate their own energy and sell surplus power or entire blocks of electricity, at rates set within the legal framework.
In practical terms: hospitals, shopping centers, industries and—crucially for our ecosystem—data centers could contract with a private supplier instead of depending solely on the national grid and gasoline- or diesel-powered generators.
📈 The Achilles’ heel: rates
Everyone is celebrating the opening, but the business comes down to the spreadsheet. A private generator needs to recoup its investment in turbines, panels or backup plants, and that is reflected in the price per kilowatt-hour. If the regulated rate is below the actual cost, the incentive fades; if it is far above it, the industry they wanted to revive won’t be able to afford it.
For bitcoin miners, the equation is even more sensitive: profitability is measured in cents per kWh. A change of two or three cents in the cost of energy can turn a profitable mining farm into a loss-making operation.
🔎 Why this matters for crypto mining
Between 2019 and 2021, Venezuela was one of the region’s most attractive destinations for bitcoin mining: cheap energy, available labor, and an exchange rate that made operations less expensive. Subsequent restrictions, increased scrutiny and power outages pushed much of that capacity to Paraguay, Argentina and Texas.
A law allowing businesses to buy electricity from a private supplier under a clear contract and rate brings the country back into the conversation. It doesn’t mean that 10-megawatt mining farms will appear tomorrow, but it does open the door to small and medium-sized, legally incorporated data centers that currently can’t operate without burning diesel.
💰 The ripple effect on P2P
Here’s the connection PitbullChain wants to highlight. Venezuela’s USDT/VES P2P market doesn’t run on trading alone: it is also fueled by businesses that need bolivars to pay salaries, rent and utility bills. If private energy is billed in dollars or indexed to the dollar, demand for foreign currency increases; if it is billed in bolivars at a regulated rate, the pressure is distributed differently.
Additionally, an electricity sector with more private players means more suppliers collecting payments: some will ask to be paid in bolivars via bank transfer or mobile payment, while others will want USDT or cash. That mix is exactly the kind of environment where Venezuela’s P2P market thrives.
🛡️ Digital banking: an infrastructure opportunity
Selling electricity requires collecting and reconciling thousands of payments every month. Venezuela’s banking sector, which has been modernizing its digital channels and collection APIs, has a clear niche here: direct debit, interbank mobile payments, automatic reconciliation and, eventually, recurring payments by card or instant transfer.
The challenge is speed. A private generator won’t operate with manual reconciliations that take three days; it needs the same pace already offered by crypto payment gateways. If banks can’t keep up, many of these transactions will end up being settled with USDT and non-custodial wallets.
⚠️ What to watch for between now and November 10
📖 Read the full article: https://pitbullchain.com/noticias/electricidad-privada-revive-el-minado-de-bitcoin-en-venezuela-228485
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