Venezuela Seizes 11,000 Mining Devices in Crackdown on Crypto Power Use
Venezuela's government has taken stern action to combat power grid overload, seizing over 11,000 mining devices and disconnecting crypto mining farms. The Ministry of Electricity has launched a 'Special Plan for Load Control' to manage the situation.
Crypto mining, particularly Bitcoin, has been thriving in Venezuela due to its low electricity prices. However, this has led to concerns about the strain on the national grid. The government has cited crypto mining as a factor contributing to frequent power outages, although the primary cause remains unclear.
The crackdown began with the shutdown of a large Bitcoin mining farm in Carabobo, led by Governor Rafael Lacava. The government has since seized over 11,000 mining devices, aiming to protect the national grid from overload. This move is part of a broader plan to manage power consumption and maintain grid stability.
The Venezuelan government's action against crypto mining reflects its commitment to addressing power grid overload. While the extent of crypto mining's impact on outages is debated, the government is taking steps to ensure the stability of the national grid. The future of crypto mining in Venezuela remains uncertain, but the government's current stance is clear.
