Hey folks.
The government of Venezuela has joined the list of other countries in frowning on mining of crypto because of the hefty demands for electricity.
As per the local news outlet, the Ministry of Electric Power (MPPPE) of Venezuela has revealed plans to disconnect mining farms of cryptocurrency from the national grid. The aim of the move is to regulate too much consumption of energy and guarantee a stable supply of power for the public.
In a post on social media platform X, the National Association of Cryptocurrencies of Venezuela shared that mining crypto is banned throughout the country. The move is about prioritizing the stability of energy over the burgeoning crypto-mining industry.
This action comes after a recent anti-corruption campaign in Maracay, Aragua state, which is roughly 120 kilometers southwest of Caracas, resulted in the seizure of 2,000 bitcoin mining equipment.
The Ministry underlined the necessity of relieving the burden these energy-intensive farms create in order to provide effective and dependable electrical service throughout Venezuela. As per the officials, these measures are important in order to stabilize the national power supply which hasn't been reliable for the past 10 years.
Venezuela has experienced repeated blackouts since 2019 in particular impacting daily lives of citizens significantly and overall economics performance.
Globally, crypto mining is infamous because of its heavy electricity demands. As a result, nations like China and Kazakhstan have enacted strict laws or outright banned the practice in order to protect their electrical infrastructure and give priority to essential public services when allocating electricity.
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