Et tu, Jet?
The first mistake in your plan is that you think Venezuela has cheap electricity rates. No, Venezuela has cheap subsidized electricity rates.
Just like gas prices, gas is not cheap in Venezuela because some miracles of nature and in Norway 1.5 euros /l (not gallon/ liter) because God is angry with them but because of subsidies and taxation. And ironically, the guys with cheap gas ended up in poverty the ones with taxation with a 2 trillion investment fund for rainy days...but that's something else and a bit off-topic.
Now, back to Venezuela, the country has indeed a bit of cheap energy, like the Guri dam, but that provides only a part of the total energy, and the rest is costly (because maintenance, corruption, old equipment...and the list goes on).
To draw a better picture, it's like you trying to grow lemons in your balcony, it's basically free but the problems arise when you want to grow a second one...because there is no space (capacity). So your only choice would be to buy a second flat (way to stupid!!!) or rent a flat to grow lemons (also stupid, but exactly what Venezuela is doing). They have arrived at the point where they must sell oil because they are incapable of refining it and buying back refined oil to power the electric power plants.
And the electricity produced this way is the most expensive in the world.
Now, the second part, the investment...
At current rates, mining will reward miners with around 1800*7000$ , that's around 12 million dollars per day.
But for V people that would be impossible, as we already have a 50 exahash rate so they would have to plan only to take about half of it, that's 6 milion$ and the investment needed is.........auuch!!!
Since I'm tired of giving the S9 as an example let's switch to Inno and for 50 exahash you will need around 3 million T2 at a price of 1118 USD (lol) ...3 billion.
Of course, they don't need that much they could start with a smaller sum....but what is small enough for them to afford it?
10 cents a day per individual would look great in a country where with 100$ a month you're king but....how are people who have only 10$ gonna buy mining equipment and not die of hunger before it arrives?
Scenario
It will be with the help of the government.
Well, would you trust the government that has destroyed one of the richest countries in the world with such an operation?
Certainly not.
And the problems don't stop here.
Venezuela is battling with inflation right now, and inflation is mainly caused by having more money than products.
The ones that will mine coins will be happy, but what will happen to the rest in a scenario where more money...no products?
If the guys in the government would really want to help the population they would start with far simple things.
Invest in food production, driving supply up and external demand down, those 3 billion needed to mine 6m$ would be enough to construct 8 modern pig farms with the capacity of over 250 000 pigs, enough to at least tame the hunger in Venezuela.