Venezuelan State Electricity Company Reportedly Cuts Power To Crypto Miners – Mining Bitcoin News


Venezuelan State Electricity Company Reportedly Cuts Power To Crypto Miners

Reports say the Venezuelan state electricity company Corpoelec is disconnecting bitcoin mining farms in Carabobo state on orders from authorities. The power disconnections come amid reports that government and Corpoelec officials are planning to meet mining farm operators.

According to one report that quotes an anonymous source, the objective of this meeting is to discuss the process of connecting miners to the National Electric System (SEN) as well as “the rate to be paid.”

Furthermore, the report quotes the anonymous source saying Corpoelec officials “were shutting down and disconnecting the mines in Carabobo.” The source suggests that all miners in Carabobo had been disconnected.

However, it is not clear if Corpoelec officials are only targeting bitcoin mining operators that do not have authorisation from the government. In September, Venezuela announced the creation of a national cryptocurrency mining pool and decreed that all crypto mining farms be registered.

According to the decree which took effect after September 21, all miners operating outside the pool would be subjected “to the measures, infractions, and sanctions as set forth in the decree document.”

Tags in this story
Bitcoin mining, Bitcoin Venezuela, Corpoelec, Cryptocurrency, Electricity, Electricity costs, mining pool, National Electric System

Can Venezuela succeed in forcing miners to join national mining pool? Share your views in the comments section.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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