The government recently confiscated 2,000 crypto mining devices as part of its efforts to address the overwhelming energy consumption caused by these activities. The Venezuelan government aims to disconnect cryptocurrency mining farms from the power grid in order to control the excessive energy usage in the country and ensure a stable electricity supply for its residents. This decision was prompted by the government’s commitment to combat corruption.
Due to the significant rise in power consumption, the Venezuelan government has decided to cut off electricity supply to all cryptocurrency mining businesses within the country. The goal is to alleviate the substantial energy burden that these activities impose on the power grid. The Ministry, as reported by AlbertoNews, emphasized the importance of providing efficient and reliable electricity service to Venezuela, free from the strain caused by these energy-intensive farms.
Furthermore, this move is a response to the recent seizure of thousands of mining units, which is one of the government’s latest actions aimed at stabilizing the unpredictable national electricity supply. The frequency of blackouts has significantly increased since 2019, negatively impacting the quality of life for residents and the overall economy.
The crackdown on cryptocurrency mining is part of a broader campaign to combat corruption, resulting in the arrest of several officials. These efforts are particularly linked to the previous chairman of the National Superintendency of Cryptoassets (Sunacrip), Joselit Ramírez.
Rafael Lacava, the governor of Carabobo state, has emphasized the importance of public assistance in identifying illegal mining operations. He urged the community to report any illicit actions to protect the electricity service.
In today’s crypto news, Zeebu has surpassed a total payments volume of over US$2 billion.
