Fun

Venezuela Seizes 315 Bitcoin Mining Rigs: Miners Discuss Illegal Confiscation, Police Extortion

News Feed - 2020-07-10 06:07:54

Venezuela Seizes 315 Bitcoin Mining Rigs: Miners Discuss Illegal Confiscation, Police Extortion


The Venezuelan military has seized 315 Bitmain Antminer S9 bitcoin mining rigs it claims are not properly registered to operate in the country. Although cryptocurrency mining is legal in Venezuela, miners say they have been unfairly treated, citing illegal seizures of mining equipment and police extortion.Venezuela Seizes Bitcoin Mining Equipment


The Bolivarian National Guard of Venezuela (GNB) announced via Twitter Monday that it has seized 315 Antminer S9 bitcoin mining rigs in the southern region of the country. The GNB is one of the largest divisions of the National Bolivarian Armed Forces.


The tweet explains that the GNB decided to seize the bitcoin mining equipment because the owner did not have proper registration papers. The case has been forwarded to the National Superintendency of Crypto Assets and Related Activities (Sunacrip), the crypto regulator appointed by the government of Nicolas Maduro responsible for registering miners.


According to local news outlet Criptonoticias, this is the first known mining equipment confiscation by Venezuelan authorities in 2020. The one before this was in September 2019 in the state of Aragua, where mining rigs were also seized due to a lack of proper registration papers.


Miners Warn of Illegal Seizures and Extortion


Officially, the Venezuelan government has legalized cryptocurrency mining, requiring miners to register and obtain crypto mining certificates. However, cryptocurrency miners in the country have repeatedly said that mining equipment has been illegally seized and miners have been extorted by the police. A number of crypto miners told Criptonoticias that “mining cryptocurrencies in Venezuela has become a risky activity,” the publication conveyed, adding that some said police officials have demanded cash bribes to overlook mining equipment they have discovered.


Veteran crypto miner Joan Telo told the news outlet that when calculating mining profitability in Venezuela, miners must include extortion payments and losses from their equipment being confiscated. Despite crypto mining being a legal activity, he added that it “is carried out clandestinely and that inherent costs of migrating the entire operation to another location should be considered, once it is detected by the authorities.”


What do you think about how Venezuela treats crypto miners? Let us know in the comments section below.Coinbase Eyeing US Stock Market Listing as Early as This YearNEWS | 30 mins agoUS Dollar Slump Incoming: Bank of America Sees "Death Cross" as Confidence in Gold RisesNEWS | 5 hours agoTags in this storyantminers, mining equipment, Nicolas Maduro, police extortion, seize miners, seize mining rigs, seizures, Venezuela


Image Credits: Shutterstock, Pixabay, Wiki CommonsPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimerShow comments

News Feed

Bitcoin of America Earns 2021 Great Place to Work Certification
Bitcoin of America Earns 2021 Great Place to Work Certification press release PRESS RELEASE. Bitcoin of America is one of the fastest growing BTM operators worldw
Derek Andersen7 hours agoIRS releases draft of proposed reporting rules for digital asset brokersHouse Financial Service Committee Chair Patrick McHenry said the rules are part of “the Biden Administration’s ongoing
From Mercedes F1 to Miami Heat, Sports Teams Suspend FTX Sponsorships
From Mercedes F1 to Miami Heat, Sports Teams Suspend FTX Sponsorships A string of organizations competing in various sports are pulling out of sponsorship deals with beleaguered cr
Elon Musk Criticizes Twitter — Gets Blasted for Using Tesla to Promote Crypto, Dogecoin
Elon Musk Criticizes Twitter — Gets Blasted for Using Tesla to Promote Crypto, Dogecoin Tesla and Spacex CEO Elon Musk has criticized Twitter for using its engineering resources
New BHUNT Malware Targets Cryptocurrency Wallets via Software Installs
New BHUNT Malware Targets Cryptocurrency Wallets via Software Installs Bitdefender, a cybersecurity and antivirus company, has detected BHUNT, a new kind of malware that targets cr
$16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-July
$16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-JulyStablecoins have been gathering a lot of steam and settling massive value in recent months. Moreover,
Biggest Movers: SOL, Near Protocol up by Over 10% to Start the Week
Biggest Movers: SOL, Near Protocol up by Over 10% to Start the Week Solana moved closer to the $40.00 mark on Monday, as it rose for a sixth straight session to start the week. Bul
Warner Bros to Launch Matrix NFT Avatars With Blue Pill and Red Pill Options
Warner Bros to Launch Matrix NFT Avatars With Blue Pill and Red Pill Options Warner Bros., the American multinational mass media and entertainment conglomerate has announced the la
Why is Bitcoin price up today?
Yashu Gola12 hours agoWhy is Bitcoin price up today?Bitcoin pared some of its weekly losses a day before Donald Trump’s keynote speech at the Bitcoin 2024 conference.1235 Total views2 Total sharesListen to article 0:00
ZelaaPayAE: UAE Will Now Have a Crypto Debit Card
ZelaaPayAE: UAE Will Now Have a Crypto Debit Card PRESS RELEASE. ZelaaPayAE, with a vision to build and improve the financial structure, introduces a Crypto Debi
Applied Blockchain Changes Name, Enters Purchase Agreement for Land in North Dakota
Applied Blockchain Changes Name, Enters Purchase Agreement for Land in North Dakota This week the mining operation Applied Blockchain announced that it is changing its company name
UK Unveils Comprehensive Plan to Become Global Crypto Hub With Dynamic Regulation
UK Unveils Comprehensive Plan to Become Global Crypto Hub With Dynamic Regulation The U.K. government has unveiled a detailed plan to make the country a global crypto hub and