An academics represented by Anglia Ruskin University and Trinity College Dublin have claimed that the crypto colonialism has Rampant Puerto Rico. The crypto mining operations in the area are alleged to be responsible for placing strains on Puerto Rico’s infrastructure. An article has been issued by the authorized academics that assertively claim that the damage done by Hurricane Maria is still straining the island, Puerto Rico. Moreover, crypto colonialism is considered as another wave which is responsible for the ill-equipped surroundings of the island.
Larisa Yarovaya who is a lecturer in accounting and finance at Anglia Ruskin University in the UK and Brian Lucey who is a professor of international finance and commodities at Trinity College Dublin together wrote an article which directly blames crypto mining responsible for the hassles in Puerto Rico. It says that the damage caused due to the hurricane on the island is unrecovered due to the further strains caused by the migrations of cryptocurrency miners.
The article states that Hurricane Maria caused huge destructions in 2017 in Puerto Rico. The disaster has left the island in need of investing a huge amount so that it could recover from the damage caused by it and the infrastructure of the island gets improved. Moreover, in the race of achieving this development and overcome the financial difficulties many crypto entrepreneurs moved to the island.
The arrival of a huge number of crypto entrepreneurs has resulted in crypto colonialism on the island and crypto mining is also becoming the part of it. However, the island is not capable to undergo the crypto mining process after the devastation caused by the hurricane. The resources and infrastructure are not good enough to meet the requirements of the crypto entrepreneurs. But the effect of the fact is that around 175,000 businesses and households are left without power for many hours.