Recently, many community members have been paying attention to the Venezuela situation, worried that if the situation worsens or the US intensifies sanctions, it might affect the crypto circle. This concern is not unfounded—historically, every geopolitical crisis has caused fluctuations in the crypto market.

But a closer look at the data and current situation reveals that the situation is more complex than it appears. I divide this issue into two dimensions: the surface-level "physical harm" and the hidden "magical harm."

**The mining threat is no longer an issue**

Many are still worried that power outages at Venezuela's mining farms could lead to a sharp drop in hash rate. In fact, this concern is no longer relevant. As early as 2024, the Venezuelan government, in response to domestic energy shortages, completely banned Bitcoin mining activities and seized thousands of mining machines. In other words, the once "mining paradise" no longer has large-scale mining farms. Miners have already migrated to new bases like Paraguay and Argentina. So even if there are grid issues there, the impact on the overall network hash rate is minimal.

**The real risk lies in the hidden stablecoin line**

Venezuela has been isolated from the traditional US dollar system due to US sanctions. Over the past few years, a large portion of local trade and asset preservation has relied on USDT. If the situation escalates and the US further tightens financial sanctions, Tether could face greater policy pressure, which would directly affect USDT's liquidity and trustworthiness. This is the area that the crypto community should truly be vigilant about.