Venezuela Bans Crypto Mining Amid Recurring Blackouts
Release: 2024/05/20 18:24 Reading: 611
Venezuela Bans Cryptocurrency Mining Amid Energy Crisis
Due to a national energy crisis leading to frequent blackouts, Venezuela has prohibited cryptocurrency mining operations. The Venezuelan Ministry for Electric Energy intends to disconnect miners from the national power grid to manage demand.
"#Oficial Prohibida la minería de Criptomonedas en toda Venezuela."
— Asonacrip (Asociación Nacional de Criptomonedas) (@AsonacripVe) May 18, 2024
According to the energy ministry, shutting down crypto mining farms will alleviate demand, ensuring Venezuelans have access to reliable and efficient services. The government has not specified whether the ban is temporary or permanent.
Venezuela Seizes 2,000 Mining Rigs
This prohibition follows reports that the Venezuelan government confiscated over 2,000 crypto mining rigs in Maracay. The seizure is part of an anti-corruption investigation that has resulted in the detention of several government officials, including Joselit Ramírez, the former head of the National Superintendence of Cryptoassets.
In a social media post, Carabao's governor, Rafael Lacava, requested public support in improving the country's electrical system. Lacava urged citizens to report any illegal mining activities.
This is not the first time the Venezuelan government has cracked down on crypto mining. In early 2023, crypto miners were banned from the nation following an investigation into the state oil company and the national crypto ministry.
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