Venezuelan authorities led by the National Power Ministry and Corpoelec, the state-owned power company, have seized over 6,000 bitcoin miners in two new operations. The ministry, which recently declared that it would disconnect all bitcoin miners due to its high energy consumption, has already confiscated over 17,000 miners from several mining farms.
Venezuelan Authorities Seize Over 6,000 Bitcoin Miners in 2 New Operations; Over 17,000 Confiscated In Total
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Venezuelan Authorities Advance in Anti- Bitcoin Mining Operations, Over 6,000 More Miners Seized
The Venezuelan government is strengthening its crusade against bitcoin mining. Venezuelan authorities, including local police, intelligence officials, the state-owned power company Corpoelec, and the National Power Ministry, have executed two new operations in two states of the country, seizing over 6,000 miners in these procedures.
The first operation was completed in the Portuguesa state, where authorities confiscated 5,995 bitcoin miners disconnected from the power grid, preventing its possible connection. Also, 293 miners were disconnected and seized in another operation executed in the Cojedes state, where energy connection equipment was also confiscated.
These actions are part of a plan announced by the National Power Ministry that seeks to disconnect all bitcoin mining operations to lighten the energy load of these machines on the power system. The country is facing an energy crisis causing constant blackouts in several states. Authorities have yet to specify if this ban will continue to be enacted after the power crisis subsides, or if it will be definitive.
Earlier reports indicate that over 11,000 bitcoin miners had been disconnected and seized by May 20th just in the Carabobo state, one of the country’s industrial centers. With these new operations, the total number of miners disconnected went over 17,000.
Venezuela was one of the pioneer countries regarding cryptocurrency and mining regulation. Nonetheless, since the intervention of Sunacrip, the national cryptocurrency enforcer, and the arrest of Joselit Ramirez, its former head, the attitude of the national government towards the industry has changed.
According to several reports, Ramirez was instrumental in intermediating unregistered sales of sanctioned Venezuelan oil for cryptocurrency, enabling a $20 billion internal embezzlement and money laundering scheme that is still being investigated.
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