- The government recently confiscated 2,000 crypto mining devices.
- This move is being taken in an effort to lessen the substantial energy burden.
The Venezuelan government has stated its intention to detach cryptocurrency mining farms from the power grid in order to control the country’s excessive energy consumption and guarantee a steady supply of electricity to its residents. In an effort to combat corruption, the government recently confiscated 2,000 crypto mining devices, prompting this decision.
As a result of the country’s skyrocketing power consumption, the Venezuelan government has chosen to cut off power to all cryptocurrency mining businesses in the country.
Tackling Energy Crisis and Corruption
This move is being taken in an effort to lessen the substantial energy burden that these activities have on the power grid. Providing efficient and dependable electricity service throughout Venezuela, free of the burden of these energy-hungry farms, was reportedly underlined by the Ministry, according to AlbertoNews.
In addition, the seizure of thousands of mining units is one of the latest government moves that prompted the move. The national electricity supply has been unpredictable for the last decade, so officials say these steps are essential to stabilize it. Since 2019, the frequency of blackouts has significantly increased, negatively impacting both the quality of life of inhabitants and the economy as a whole.
The government’s crackdown on cryptocurrency mining is part of a larger effort to combat corruption, which has lately resulted in the arrest of many officials. These claims are specifically linked to Joselit Ramírez, who was the previous chairman of the National Superintendency of Cryptoassets (Sunacrip).
The need for public assistance in discovering illicit mining operations has been emphasized by Rafael Lacava, the governor of Carabobo state. Noting that the community must do its part to protect its electricity service, he asked people to report any illegal actions.
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