Venezuela Bans Crypto Mining

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The Ministry of Electricity in Venezuela has announced plans to disconnect all cryptocurrency mining farms from the national electric system in order to control energy demand.

This decision comes after the seizure of 2,000 mining devices in Maracay, as part of an anti-corruption initiative. In response, the National Cryptocurrency Association confirmed a complete ban on mining throughout the country.

Venezuela has been facing an electricity crisis since 2009, which was exacerbated in 2019 after widespread blackouts.

In September 2023, law enforcement seized several dozen ASIC miners and a large weapons warehouse as part of a raid on Tocoron prison in Macaray, with the support of over 11,000 police and soldiers.

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