The latest government intervention in Venezuela is aimed at regulating cryptocurrency mining and ensuring a stable electricity supply, as the country joins others that have also expressed concerns about the energy consumption associated with the practice.
According to a press report, Venezuela's Ministry of Electric Power has announced plans to disconnect crypto mining farms from the national grid.
The aim is to regulate energy consumption and ensure a stable supply for the population.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
The decision to disconnect cryptocurrency mining farms from the national grid follows a recent crackdown in the city of Maracay, where 2,000 mining devices were confiscated as part of an anti-corruption initiative.
The move is in line with the country's National Cryptocurrency Association's statement that crypto mining is banned in Venezuela.