Venezuela Cracks Down on Illicit Bitcoin Mining, Shuts Down Mining Farms
CryptoNewsTerminal Staff20 May, 2024
Venezuela Cracks Down on Illicit Bitcoin Mining, Shuts Down Mining Farms
Venezuela's Ministry of Electric Energy has launched a major crackdown on illegal Bitcoin mining operations in the country, according to Bitcoin.com. As part of the crackdown, authorities raided a Bitcoin mining farm in the industrial zone of Carabobo, seizing 11,000 mining rigs. Several other cryptocurrency mining farms were also shut down. The ministry said that the crackdown was necessary because the country's electricity supply is struggling to meet demand, due to climate and global regulatory issues, and that it will not allow cryptocurrency miners to use electricity that is needed by the population. The ministry also said that it will soon announce additional measures to address the issue.
