Fun

Venezuela bans crypto mining to protect power grid

News Feed - 2024-05-19 05:05:14

Amaka Nwaokocha52 minutes agoVenezuela bans crypto mining to protect power gridThis move follows a recent crackdown that involved confiscating 2,000 cryptocurrency mining devices as part of an anti-corruption initiative.274 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands.


According to a local news outlet, Venezuela’s Ministry of Electric Power (MPPPE) has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.


An X post from Venezuela’s National Association of Cryptocurrencies stated that crypto mining is prohibited throughout Venezuela. The move prioritizes energy stability over the burgeoning crypto-mining industry.


This move follows a recent crackdown that involved confiscating 2,000 cryptocurrency mining devices in Maracay, Aragua state, about 120 kilometers southwest of Caracas, as part of an anti-corruption initiative.Source: Asociación Nacional de Criptomonedas


The Ministry emphasized the need to offer efficient and reliable electrical service across Venezuela by eliminating the strain caused by these high-energy-consuming farms. According to officials, these measures are essential to stabilize the national power supply, which has been unreliable for the past decade.


The country has experienced recurring blackouts, particularly since 2019, significantly impacting residents’ daily lives and the overall economic performance.


Cryptocurrency mining is infamous worldwide for its hefty electricity demands. In response, countries such as China and Kazakhstan have implemented stringent regulations or outright prohibitions on the practice to safeguard their power infrastructure and prioritize energy allocation to vital public services.


The government’s move against cryptocurrency mining is reportedly part of a larger anti-corruption push, leading to several top officials’ arrests. Joselit Ramírez,the ex-head of the National Superintendency of Cryptoassets (Sunacrip), is a key figure in these corruption allegations.


Related:GoMining CEO bullish on Bitcoin: “The mining business remains profitable”


Rafael Lacava, Governor of Carabobo state, has reportedly emphasized the importance of public collaboration in detecting illegal mining operations. He encouraged citizens to come forward and report any unlawful activities, stressing the vital role that community involvement plays in protecting the reliability of their electricity supply.


However, this is not Venezuela’s first act against crypto mining activities. In March 2023, Venezuela’s energy supplier shut down crypto mining facilities nationwide to reorganize the national crypto department and corruption investigations involving the country’s oil company.


Venezuela’s attorney general, Tarek William Saab, disclosed that government officials were allegedly running parallel oil operations with the assistance of the national crypto department.


Last year, eight major cryptocurrency mining operators in Kazakhstan signed an open letterto President Kassym-Jomart Tokayev, complaining about the high energy prices for miners.


Magazine: The real risks to Ethena’s stablecoin model (are not the ones you think)# Cryptocurrencies# Mining# Government# Venezuela# RegulationAdd reaction

News Feed

National Bitcoin Reserve Initiative: MP Satoshi Hamada Urges Japan To Take Action
Este artículo también está disponible en español. In a notable development for the cryptocurrency landscape, Japanese Member of Parliament Satoshi Hamada has urged his go
Hester Peirce blasts SEC, Gurbir Grewal rejects SEC criticism: Law Decoded
David Attlee4 hours agoHester Peirce blasts SEC, Gurbir Grewal rejects SEC criticism: Law DecodedGurbir Grewal, the director of the Division of Enforcement at the SEC, has pushed back against criticism that the regulator
Davos 2023: WEF Unveils Global Collaboration Village Metaverse Platform
Davos 2023: WEF Unveils Global Collaboration Village Metaverse Platform The World Economic Forum (WEF) has announced the rollout of the Global Collaboration Village, its own metave
Swiss Regulator Urges Financial Watchdogs to Protect Crypto Investors
Swiss Regulator Urges Financial Watchdogs to Protect Crypto Investors Crypto trading is increasingly similar to the U.S. stock market of the late 1920s, the head of the Swiss finan
Crypto Experts Give Their Top Predictions for 2020
Crypto Experts Give Their Top Predictions for 2020 In an industry built around digital scarcity, opinions are in plentiful supply. Everyone’s got one, and they’d love
Bityard Launched Copy Trading System to Benefit Both Copiers and Traders
Bityard Launched Copy Trading System to Benefit Both Copiers and Traders PRESS RELEASE. Bityardrecently launched the copy trading system for CFD (contract for di
Microstrategy Buys 6,455 More Bitcoin — Now Holds 138,955 BTC
Microstrategy Buys 6,455 More Bitcoin — Now Holds 138,955 BTC Microstrategy has purchased 6,455 bitcoins for approximately $150 million at an average price of $23,238 per coin. W
Bitcoin traders eye $60K BTC price support as 'huge' futures gap opens
William Suberg39 minutes agoBitcoin traders eye $60K BTC price support as "huge" futures gap opensBitcoin bulls remain confident despite BTC price hitting its lowest levels since March 6 in a brutal weekend sell-off.674
Ethereum reaches 1M validators, community thinks it’s ‘too much’
Ezra Reguerra40 minutes agoEthereum reaches 1M validators, community thinks it’s ‘too much’While more validators could mean more security, community members think too many could be problematic.2732 Total views10 To
World Wide Web Inventor Tim Berners-Lee Says Crypto Is ‘Really Dangerous’ but Can Be Useful for Remittances
World Wide Web Inventor Tim Berners-Lee Says Crypto Is "Really Dangerous" but Can Be Useful for Remittances World Wide Web inventor Sir Tim Berners-Lee says cryptocurrency is ̶
Nasdaq-Listed Microstrategy Obtains $205 Million Bitcoin-Backed Loan to Buy More BTC
Nasdaq-Listed Microstrategy Obtains $205 Million Bitcoin-Backed Loan to Buy More BTC Nasdaq-listed Microstrategy has obtained a $205 million bitcoin-collateralized loan from Silver
“We’re on the Right Highway” How Metaspins Crypto Casino Is Growing Rapidly Weeks After Its Launch
“We’re on the Right Highway” How Metaspins Crypto Casino Is Growing Rapidly Weeks After Its Launch press release PRESS RELEASE. Three months since announcing its launch, Metas