Venezuela Halt Crypto Mining to Ensure Reliable Power Supply

The Ministry of Electric Power in Venezuela declared that all cryptocurrency mines are disconnected from power lines, as per the instructions of the National Power Grid (SEN). 

This decision aims to reduce the high energy consumption from mining activities and ensure a reliable power supply for all citizens.

Moreover, this is a logical consequence of the attachment of 2,000 mining machines, which belong to the larger health of the country’s anti-corruption drive. Among the state functionaries prosecuted and then jailed there are several officials, evidence of the continuing anti-corruption fight.

The regulatory body Sunacrip is going through reforming and processes following the captivity of Superintendent Joselit Ramírez. According to the accusations, Ramétz, who is also allegedly involved with the former Minister of Petroleum, Tareck El Aissami alongside him, faces numerous charges ranging from rebellion to corruption.

Governor of the Carabobo State, Rafael Lacava, confirmed the implementation of the measures and pursued people reporting illegal activities. He stressed issues: including the delivery of reliable electricity which can take precedence over the profit maximization of individual mining ventures.

Also read: Venezuela Turns to Crypto for Oil Sales Amid U.S. Sanctions