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Crypto Market Attention Shifts from Bitcoin to Ethereum

Previously, Venezuelan authorities carried out an operation to monitor the activities of customers connected to the national electricity grid, including cryptocurrency miners, including Bitcoin.

Quoted from News.bitcoin.com, Thursday (22/5/2024) Venezuela's National Electricity Ministry said that the move aims to disconnect all crypto mining from the electricity system, to prevent high energy demand in the country.

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Carabobo state governor Rafael Lacava led a series of actions that resulted in the seizure of more than 11,000 ASICs and the shutdown of an undetermined number of crypto mines.

These measures will focus on reducing energy used for crypto-related activities. This step was taken because Venezuela continues to face electricity outages due to supply shortages due to the climate situation and sanctions.

Governor Lacava stated that miners cannot continue their operations while the general public faces continuous energy disruptions.

However, authorities did not explain whether these measures were definitive or would be implemented as the national electricity system adapts to produce more energy.

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Governor Lacava stated that more Bitcoin mining will be cut off and that other measures, including a national executive order to reduce the energy consumption of state institutions, will be announced in the next few days.

The action provides insight into the crypto mining industry in Venezuela following the shutdown of several bitcoin mining farms when Sunacrip, the national crypto watchdog, was linked to a corruption scheme involving the sale of sanctioned oil for cryptocurrencies.

Crypto Market Attention Shifts from Bitcoin to Ethereum

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