Venezuela Implements Crypto Mining Ban to Safeguard Electricity Supply, Says It’s to Crack Down on Corruption
Rafael Lacava, governor of the state of Carabobo, said the measures are necessary due to the miners’ high usage of electricity. He also encouraged the public to come forward to report suspected misuse of electricity
On Friday the Venezuelan Ministry for Electric Energy (MPPPE) announced it would “disconnect” crypto miners from the national electricity grid. As Voice of America reports, the government decided to remove all mining operations from the network due to concerns over “high impact” on electricity demand. The announcement of the measures followed the confiscation of at least 2,000 cryptocurrency mining devices in Maracay, Aragua state, approximately 120 kilometres southwest of Caracas last Thursday. This operation is part of a broader crackdown on corruption launched last year by the Venezuelan government, which has led to the arrest of numerous officials from Petróleos de Venezuela (PDVSA), the National Superintendency of Cryptoactives (Sunacrip), and other government agencies, as reported by local media.
Locals Urged to Dob in Miners as State Seizes Thousands of Machines Rafael Lacava, governor of the state of Carabobo, said the measures are necessary due to the miners’ high usage of electricity. He also encouraged the public to come forward to report suspected misuse of electricity. Other sources claimed that the country has already started a much larger crackdown on miners. One user on social platform X (formerly known as Twitter) reported that the country had “seized over 11,000 bitcoin miners”.
Another user voiced their frustration over the move, saying that it would definitely hurt small miners who had been using Bitcoin mining as a way to support themselves and their families. Amid the economic instability, mining BTC was a viable option for some – despite frequent power outages – a lifeline now cut, the account MoonshotMemories stated.
