Bitfinex analysts assessed the impact of oil production in Venezuela on cryptocurrency mining, 2026/01/06 11:05:02

The entry of American companies into the Venezuelan oil market can reduce electricity prices for Bitcoin miners, experts from the Bitfinex exchange believe. In their opinion, cheaper and more accessible electricity will improve the profitability of miners around the world.

Analysts said Venezuela’s oil production could usher in a new phase of mining expansion – especially in regions able to negotiate long-term power supply contracts. According to their estimates, to have a significant impact on energy prices, it is enough to use only a portion of Venezuelan oil reserves. This could be a significant support for miners, whose profitability is declining, including due to rising electricity prices. Since the takeover of Venezuelan President Nicolas Maduro, oil prices have dropped and this should also benefit miners as their energy costs are dependent on oil prices.

However, Bitfinex experts emphasize that a significant increase in oil production in Venezuela will take years. The speed of the process will depend on how the United States manages the country’s political transition and sanctions regime. Analysts say it could take up to ten years to fully develop Venezuela’s oil reserves. And restoring the country’s status as a major oil producer will require over $100 billion in infrastructure investment.

At the same time, Bitfinex notes that in general, prices for cryptocurrencies “are more likely to be determined not by fundamental indicators of the energy market, but by changes in macroeconomic risk appetite, volatility and positioning between different assets.”

In the 1970s, Venezuela produced about 3.5 million barrels per day—about 7% of global oil production. Today this figure has fallen to 1 million barrels. Currently, the only major American oil company operating in Venezuela is Chevron. However, US President Donald Trump insists that other major players should also enter the country’s market.

Earlier, experts from the analytical service Lookonchain identified unusual activity on the Polymarket forecasting platform: three cryptocurrency addresses brought their owners an impressive profit of $630,484. Users placed successful bets on the removal of President Maduro from power, and placed them just a few hours before the actual arrest of the politician by American special forces.