BlockBeats News, January 6th, a Bitfinex analyst stated that if US companies were to enter Venezuela to develop its vast oil reserves, it could potentially suppress energy prices in the medium to long term, thereby improving Bitcoin miners’ profitability. A more affordable and abundant energy supply is expected to increase miners’ profit margins and may drive a new round of mining expansion, especially in regions where long-term power contracts can be secured.
Bitfinex believes that even if only a small part of Venezuela’s 303 billion barrels of oil reserves is utilized, it could have a substantial impact on the energy market, providing relief to miners who are currently under pressure due to Bitcoin price corrections, rising mining difficulty, and increasing electricity costs. However, the analysis also points out that the substantial recovery of Venezuela’s oil production capacity will still take many years, and its progress depends on political transitions and sanctions policy arrangements. Overall, the impact of energy changes on the crypto market remains a secondary factor, with price trends more likely to be dominated by macro risk appetite and cross-asset allocation.
