In an effort to reduce the excessive energy consumption and ensure a stable electricity supply for its residents, the Venezuelan government has announced plans to disconnect cryptocurrency mining farms from the power grid. To tackle corruption and address the energy crisis, the government recently confiscated 2,000 crypto mining devices.
Due to the surging power consumption in the country, the Venezuelan government has made the decision to cut off power to all cryptocurrency mining businesses. This move aims to alleviate the significant energy burden placed on the power grid. The Ministry has emphasized the importance of providing efficient and reliable electricity service to Venezuela, free from the strain caused by these energy-intensive farms.
The seizure of numerous mining units is just one of the government’s recent actions that have prompted this decision. Over the past decade, the national electricity supply has been unpredictable, resulting in increased frequency of blackouts since 2019. This has had a detrimental impact on the quality of life for residents and the overall economy.
The crackdown on cryptocurrency mining is part of a broader campaign against corruption, which has led to the arrest of multiple officials. One individual specifically implicated is Joselit Ramírez, the former chairman of the National Superintendency of Cryptoassets (Sunacrip).
Rafael Lacava, the governor of Carabobo state, has highlighted the importance of public assistance in uncovering illegal mining operations. He has urged the community to report any illicit activities to protect the electricity service.
In other crypto news today, Zeebu has surpassed a total payment volume of over $2 billion, showcasing its growing presence in the market.