Venezuela Bans Crypto Mining Amid Recurring Blackouts

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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 Power can also be planning to disconnect miners from the nationwide energy grid to manage demand.

#Oficial Prohibida la minería de Criptomonedas en toda Venezuela.

— Asonacrip (Asociación Nacional de Criptomonedas) (@AsonacripVe) May 18, 2024

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 mentioned. The federal government didn’t say whether or not the ban can be momentary or everlasting.

Venezuela Seizes 2,000 Mining Rigs

The latest ban comes after native stories 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 submit, Carabao’s governor, Rafael Lacava, known as for public cooperation to enhance the nation’s electrical energy system. Lacava urged the general public to report illegal mining actions.

It isn’t 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.