Venezuela bans crypto mining to protect power grid
This move follows a recent crackdown involving the confiscation of 2,000 cryptocurrency mining devices as part of an anti-corruption initiative.
The Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands.
According to a local news outlet, Venezuela’s Ministry of Electric Power has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.
An X post from Venezuela’s National Association of Cryptocurrencies stated that crypto mining is prohibited in Venezuela.
