Venezuela Bans Crypto Mining, What's Up?

Liputan6.com, Jakarta The Venezuelan government has joined the list of countries that frown on crypto mining due to the huge electricity requirements to mine crypto.

Reporting from Coinmarketcap, Monday (3/6/2024), according to local Venezuelan media, the Venezuelan Ministry of Electrical Power (MPPPE) has announced plans to disconnect cryptocurrency mining from the national electricity grid. This step aims to regulate excessive energy consumption and ensure a stable electricity supply for the community.

Post X from Venezuela's National Cryptocurrency Association states crypto mining is prohibited throughout Venezuela. This move prioritizes energy stability over the burgeoning crypto mining industry.

The move follows a recent crackdown involving the seizure of 2,000 cryptocurrency mining devices in Maracay, Aragua state, about 120 kilometers southwest of Caracas, as part of an anti-corruption initiative.

The ministry stressed the need to offer efficient and reliable electricity services throughout Venezuela by eliminating the burden caused by power plants that consume a lot of energy.

According to officials, these steps are important to stabilize the nation's electricity supply, which has been unreliable for the past decade.