The Venezuelan National Power Ministry has initiated a special operation to disconnect all bitcoin mining farms from the power grid. Authorities have seized over 11,000 bitcoin miners in an effort to reduce the power consumption of high-demand users drawing energy from the national electric system.

Venezuelan Authorities Seize and Disconnect Over 11,000 Bitcoin Miners Amid Energy Crisis

The Venezuelan National Power Ministry announced an operation to monitor high-power consumers connected to the national grid, including bitcoin miners. The ministry stated on social media that the goal was to "disconnect all cryptocurrency mining farms in the country from the electrical system to avoid the high impact on demand" caused by these activities.

Rafael Lacava, the governor of Carabobo state, where much of the country's industrial activity is located, led actions resulting in the seizure of over 11,000 ASICs and the disconnection of numerous cryptocurrency mining farms.

These measures aim to reduce energy consumption for mining activities as the country experiences frequent blackouts due to power generation issues from climate and sanctions-related challenges. Lacava emphasized that miners could not continue operations while the general population faced ongoing energy shortages.

Authorities did not specify if these actions are permanent or temporary while adjustments are made to the national electric system. Governor Lacava indicated that more bitcoin mining farms would be disconnected, and additional measures, including a national executive order to reduce energy use by state agencies, would be announced soon.

These actions highlight the state of cryptocurrency mining in Venezuela following the disconnection of several bitcoin mining farms linked to a corruption scheme involving the sale of sanctioned oil for cryptocurrency by Sunacrip, the national crypto watchdog.

Sunacrip is currently undergoing restructuring, and the legality of cryptocurrency mining in Venezuela remains unclear. The former president of Sunacrip, Joselit Ramirez, and the former president of the state-owned oil company PDVSA, Tareck El Aissami, have been arrested and are in national custody.

What are your thoughts on the state of cryptocurrency mining in Venezuela? Share your views in the commentsThe Venezuelan National Power Ministry has initiated a special operation to disconnect all bitcoin mining farms from the power grid. Authorities have seized over 11,000 bitcoin miners in an effort to reduce the power consumption of high-demand users drawing energy from the national electric system.

Venezuelan Authorities Seize and Disconnect Over 11,000 Bitcoin Miners Amid Energy Crisis

The Venezuelan National Power Ministry announced an operation to monitor high-power consumers connected to the national grid, including bitcoin miners. The ministry stated on social media that the goal was to "disconnect all cryptocurrency mining farms in the country from the electrical system to avoid the high impact on demand" caused by these activities.

Rafael Lacava, the governor of Carabobo state, where much of the country's industrial activity is located, led actions resulting in the seizure of over 11,000 ASICs and the disconnection of numerous cryptocurrency mining farms.

These measures aim to reduce energy consumption for mining activities as the country experiences frequent blackouts due to power generation issues from climate and sanctions-related challenges. Lacava emphasized that miners could not continue operations while the general population faced ongoing energy shortages.

Authorities did not specify if these actions are permanent or temporary while adjustments are made to the national electric system. Governor Lacava indicated that more bitcoin mining farms would be disconnected, and additional measures, including a national executive order to reduce energy use by state agencies, would be announced soon.

These actions highlight the state of cryptocurrency mining in Venezuela following the disconnection of several bitcoin mining farms linked to a corruption scheme involving the sale of sanctioned oil for cryptocurrency by Sunacrip, the national crypto watchdog.

Sunacrip is currently undergoing restructuring, and the legality of cryptocurrency mining in Venezuela remains unclear. The former president of Sunacrip, Joselit Ramirez, and the former president of the state-owned oil company PDVSA, Tareck El Aissami, have been arrested and are in national custody.

What are your thoughts on the state of cryptocurrency mining in Venezuela? Share your views in the comments section below. section below.