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<p>Venezuela has banned cryptocurrency mining activities amid a national energy crisis that is causing recurring blackouts.</p><p>The Venezuelan Ministry for Electric Energy is also planning to disconnect miners from the national power grid to control demand.</p><blockquote class="twitter-tweet"><p><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><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></p></blockquote><p>Shutting down crypto mining farms will reduce demand and ensure the Venezuelan people can access efficient and reliable services, the energy ministry <a href="https://www.instagram.com/reel/C7C5P5xviC7/?utm_source=ig_web_copy_link" rel="noopener noreferrer nofollow">said</a>. The government did not say whether the ban would be temporary or permanent.</p><h2 id="venezuela-seizes-2-000-mining-rigs">Venezuela Seizes 2,000 Mining Rigs</h2><p>The recent ban comes after <a href="https://albertonews.com/nacionales/venezuela-desconectara-todas-las-granjas-de-mineria-de-criptomonedas-para-controlar-demanda-electrica/" rel="noopener noreferrer nofollow">local reports</a> that the Venezuelan government had seized over 2,000 crypto mining rigs in Maracay.</p><p>The seizure is part of an anti-corruption probe leading to the arrest of several government officials, including the former head of the National Superintendence of Cryptoassets, Joselit Ramírez.</p><p>In a <a href="https://www.instagram.com/lacava10oficial/reel/C7F1m8ZrIKB/?hl=es-la" rel="noopener noreferrer nofollow">social media post</a>, Carabao’s governor, Rafael Lacava, called for public cooperation to improve the country’s electricity system. Lacava urged the public to report unlawful mining activities.</p><p>It is not the first time the Venezuelan government has shut down crypto mining. In early 2023, crypto miners were banned from the country after a probe into the operations of the state oil company and the national crypto ministry.</p><h3 id="also-read">Also Read:</h3><ul><li><a href="https://insidebitcoins.com/news/pepe-price-pumps-12-in-a-week-but-investors-are-flocking-to-this-multi-chain-dogecoin-derivative-and-its-53-annual-yield" rel="noopener noreferrer nofollow">Pepe Price Pumps 12% In A Week, But Investors Are Flocking To This Multi-Chain Dogecoin Derivative And Its 53% Annual Yield</a></li><li><a href="https://insidebitcoins.com/news/notcoin-price-prediction-not-plunges-13-as-experts-say-this-casino-token-might-be-the-best-crypto-to-buy-now" rel="noopener noreferrer nofollow">Notcoin Price Prediction: NOT Plunges 13% As Experts Say This Casino Token Might Be The Best Crypto To Buy Now</a></li><li><a href="https://insidebitcoins.com/news/is-it-too-late-to-buy-eth-ethereum-price-surges-5-as-coinbase-upbeat-on-eth-etf-approval-odds-and-this-might-be-the-next-crypto-to-explode" rel="noopener noreferrer nofollow">Is It Too Late To Buy ETH? Ethereum Price Surges 5% As Coinbase Upbeat On ETH ETF Approval Odds And This Might Be The Next Crypto To Explode</a></li></ul>

Venezuela Bans Crypto Mining Amid Recurring Blackouts

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