Venezuela Bans Crypto Mining Amid Recurring Blackouts

Venezuela cracks down o crypto mining

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Venezuela has banned cryptocurrency mining actions amid a nationwide vitality disaster that’s inflicting recurring blackouts.

The Venezuelan Ministry for Electrical Vitality can also be planning to disconnect miners from the nationwide energy grid to manage demand.

Shutting down crypto mining farms will scale back demand and make sure the Venezuelan folks can entry environment friendly and dependable companies, the vitality ministry said. The federal government didn’t say whether or not the ban could be short-term or everlasting.

Venezuela Seizes 2,000 Mining Rigs

The current ban comes after local reports that the Venezuelan authorities had seized over 2,000 crypto mining rigs in Maracay.

The seizure is a part of an anti-corruption probe resulting in the arrest of a number of authorities officers, together with the previous head of the Nationwide Superintendence of Cryptoassets, Joselit Ramírez.

In a social media post, Carabao’s governor, Rafael Lacava, referred to as for public cooperation to enhance the nation’s electrical energy system. Lacava urged the general public to report illegal mining actions.

It’s not the primary time the Venezuelan authorities has shut down crypto mining. In early 2023, crypto miners have been banned from the nation after a probe into the operations of the state oil firm and the nationwide crypto ministry.

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