Venezuela Bans Cryptocurrency Mining
Main page News, Mining, Venezuela

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.

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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.

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