Revive

2024

Read

<ul>
 <li>Venezuela bans cryptocurrency mining to stabilize electricity supply, prioritizing energy stability over the crypto industry.</li>
 <li>The government confiscated 2,000 mining devices and arrested officials, targeting high energy consumption and corruption.</li>
 <li>Public collaboration is encouraged to detect illegal mining, aiming to protect Venezuela’s electricity reliability.</li>
</ul>
<p>The Venezuelan government has taken a strong stance against bitcoin mining because it uses a lot of power. <a href="https://www.bnamericas.com/en/company-profile/ministerio-del-poder-popular-para-la-energia-electrica-mppee" target="_blank" rel="noopener noreferrer nofollow">Venezuela’s Ministry of Electric Power</a> (MPPPE) has recently announced plans to phase out cryptocurrency mining operations from the country’s electrical system. This measure aims to curb excessive energy consumption while also ensuring a consistent power supply for the population.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="es" dir="ltr"><a href="https://twitter.com/hashtag/Oficial?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Oficial</a> Prohibida la minería de Criptomonedas en toda Venezuela.</p>— Asonacrip (Asociación Nacional de Criptomonedas) (@AsonacripVe) <a href="https://twitter.com/AsonacripVe/status/1791656649301631294?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 18, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The National Association of Cryptocurrencies of Venezuela attested that cryptocurrency mining is now outlawed throughout the country. This action prioritizes energy stability over the <a href="https://cryptonewsland.com/cleanspark-ceo-urges-biden-to-embrace-bitcoin-mining-in-open-letter/" target="_blank" rel="noopener noreferrer nofollow">rapidly developing cryptocurrency mining</a> business. The government has underlined the importance of removing the load&nbsp; in order to provide dependable and efficient electricity distribution.</p>
<p>Particularly since 2019, the country has been plagued by recurring blackouts that have had a significant negative impact on daily activities and the overall economy. Some countries, like China and Kazakhstan, have had to make strict rules or outright <a href="https://cryptonewsland.com/china-still-loves-crypto-with-binance-user-spike-bitcoin-mining-rumors/" target="_blank" rel="noopener noreferrer nofollow">bans on cryptocurrency mining</a> because it uses so much electricity in order to protect their electrical infrastructure.</p>
<p>As part of a larger anti-corruption campaign, Venezuelan officials recently <a href="https://www.rfi.fr/en/international-news/20230921-bitcoin-machines-rocket-launchers-seized-in-venezuela-prison" target="_blank" rel="noopener noreferrer nofollow">seized</a> 2,000 bitcoin mining equipment in Maracay, Aragua state. Joselit Ramírez, former head of the National Superintendency of Crypto Assets (Sunacrip), was one of the high officials detained as a result of this raid.</p>
<p>Carabobo State Governor Rafael Lacava emphasized the importance of assistance from the public in identifying illegal mining activities. He emphasized the need of residents reporting any illegal activity to help keep their power supply reliable. Cooperation like this is crucial if the nation’s power infrastructure is to remain stable.</p>
<p>However, this is not the first time Venezuela has taken action against crypto mining. Venezuela’s energy provider shut down all crypto mining sites across the country in March 2023 to reorganize the national crypto department and look into allegations of corruption in the sector.</p>
<p>Finally, the Venezuelan government has demonstrated its commitment to combating corruption and guaranteeing energy stability by banning cryptocurrency mining. This immediate move aims to minimize the load on the nation’s power grid while increasing the overall dependability of electricity for its citizens.</p>
<p>The post <a href="https://cryptonewsland.com/power-vs-profits-venezuelas-crypto-ban-aims-to-revive-its-energy-grid/" rel="noopener noreferrer nofollow">Power vs. Profits: Venezuela’s Crypto Ban Aims to Revive Its Energy Grid</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Power vs. Profits: Venezuela’s Crypto Ban Aims to Revive Its Energy Grid

Crypto News Land

Other articles published on May 20, 2024

Ethereum (ETH) Nears Key Breakout, Eyes $4,000 Target

PlanB Highlights Bitcoin’s 2024 Bull Market

The 3 Best Cryptos to Buy Before the NFT Market Booms

VALR Expands Services with TRON Network Support and New TRX Staking Product (20 May)

Bitcoin and Cardano Skyrocket With 716% Increase in Fund Flows

Analyst Sees Ethereum’s Price Surge

Join our free newsletter for daily crypto updates!