Bitfinex: US intervention in Venezuelan oil could alleviate energy cost pressures and benefit Bitcoin mining profits.

Bitfinex analysts suggest that if US companies were to develop Venezuela's vast oil reserves, it could lower energy prices in the medium to long term, thereby improving the profitability of Bitcoin miners. The analysis points out that a cheaper and more abundant energy supply is expected to boost miner profit margins and potentially drive a new wave of mining expansion, especially in regions where long-term electricity contracts can be secured. Bitfinex believes that even utilizing only a small portion of Venezuela's 303 billion barrels of oil reserves could have a substantial impact on the energy market, providing relief to miners currently under pressure from Bitcoin price corrections, increased mining difficulty, and rising electricity costs. However, the analysis also notes that a substantial recovery in Venezuelan oil production capacity will take years, and its progress depends on the political transition and sanctions policy arrangements. Overall, the impact of energy changes on the crypto market remains secondary; price movements are more likely to be driven by macroeconomic risk appetite and cross-asset allocation. (Cointelegraph)