In a recent move to address the strain on Venezuela's power system, authorities have confiscated a significant number of bitcoin mining devices across the country. The operation, led by the National Power Ministry and Corpoelec, the state-owned power company, has resulted in the seizure of over 17,000 mining rigs.

The first phase of the crackdown took place in Portuguesa state, where 5,995 miners were disconnected and seized. The second operation, conducted in Cojedes state, led to the confiscation of 293 miners and associated energy connection equipment. These actions are part of a broader initiative to curb the energy consumption of bitcoin mining operations throughout Venezuela.

Earlier, over 11,000 bitcoin miners were seized in Carabobo state, bringing the total number of confiscated devices to more than 17,000. Venezuela, once a pioneer in cryptocurrency regulation, has shifted its stance on the matter following the arrest of Joselit Ramirez, the former head of Sunacrip. Ramirez is accused of facilitating a $20 billion embezzlement and money laundering scheme involving unregistered sales of sanctioned Venezuelan oil for cryptocurrency.

The government's decision to crack down on bitcoin mining reflects growing concerns over the strain these energy-intensive activities place on the national power grid. With frequent blackouts affecting several states, the authorities are determined to mitigate the impact of cryptocurrency mining on the country's struggling power system.

The future of bitcoin mining in Venezuela remains uncertain. The National Power Ministry has not clarified whether the ban on mining will be permanent or if it will be lifted once the energy crisis subsides. The outcome of this crackdown will likely influence the country's approach to cryptocurrency mining and regulation in the years to come.