Cryptocurrency

Bitcoin

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 <p><strong>In a daring and unprecedented operation, Venezuelan authorities raided the notorious Tocorón prison, unveiling a shocking combination of criminality and technology. This vast complex, previously run by one of the country’s most powerful organized crime groups, was revealed to house weapons like rocket launchers and grenades and a clandestine Bitcoin mining operation.</strong></p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">There were bitcoin miners in one of the most dangerous places in Venezuela<br><br>Recently, we saw an intervention in Tocorón, one of the most known jails in the country, in which the criminals were in control. <br><br>Besides all the weird things that they had, they even had some bitcoin… pic.twitter.com/xEfZfj9NJN</p>— Javier ₿astardo (@criptobastardo) September 22, 2023 
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 <h2 class="wp-block-heading" id="strong-the-tocor-n-prison-raid-strong"><strong>The Tocorón Prison Raid</strong></h2> 
 <p>The Tocorón prison, located in Aragua state, had gained infamy as a den of criminals, housing not just inmates but also lavish facilities like a swimming pool, gambling rooms, discotheques, baseball fields, and even a zoo. The prison had been a hub for the feared Tren de Aragua gang, known for its involvement in various criminal activities, from drug and human trafficking to extortion. This operation marked the first time Venezuelan authorities had directly targeted this notorious group.</p> 
 <p>Over 11,000 police and soldiers, supported by tanks and armoured vehicles, descended upon the prison in overwhelming force. Among the contraband seized during the raid were Bitcoin mining machines, which had been operating covertly within the prison walls. The discovery of these machines was met with astonishment as Bitcoin mining typically requires significant electrical power and infrastructure, which one wouldn’t expect to find within the confines of a prison.</p> 
 <h2 class="wp-block-heading" id="strong-bitcoin-mining-in-venezuela-strong"><strong>Bitcoin Mining in Venezuela</strong></h2> 
 <p>Bitcoin mining has gained popularity in Venezuela, primarily due to the country’s economic struggles, marked by hyperinflation. The heavily subsidized electricity market in Venezuela has made it incredibly cost-effective for miners to operate, surpassing the profitability of mining operations in many other parts of the world.</p> 
 <p>However, in a curious twist, it was observed that many of the seized Bitcoin mining machines appeared to be older models, specifically Bitmain’s Antminers. This raised questions about the actual profitability of the covert operation within the prison. Mining profitability is highly dependent on the efficiency and power consumption of the machines used.</p> 
 <h2 class="wp-block-heading" id="strong-the-crackdown-on-cryptocurrency-mining-in-venezuela-strong"><strong>The Crackdown on Cryptocurrency Mining in Venezuela</strong></h2> 
 <p>While Bitcoin mining may have thrived due to cheap electricity, Venezuela has also faced challenges related to energy blackouts. Authorities have been increasingly cracking down on cryptocurrency mining facilities, and there was a temporary ban on mining cryptocurrencies in the country. This ban significantly impacted an industry that the government had actively promoted.</p> 
 <p>The initial ban on cryptocurrency mining was imposed in response to an alleged corruption scheme, where crypto wallets were reportedly used to divert funds from the state-owned oil firm PDVSA. In 2019, President Nicolas Maduro announced plans to back the national cryptocurrency, the petro, with barrels of oil.</p> 
 <h2 class="wp-block-heading" id="strong-the-fallout-from-the-raid-strong"><strong>The Fallout from the Raid</strong></h2> 
 <p>During the Tocorón prison raid, four correctional officers were arrested on suspicion of aiding the gang members who enjoyed a life of luxury behind bars. The government took the drastic step of evacuating its 1,600 inmates to other locations, although some escaped during the operation. The extravagant facilities installed by the gang, including a restaurant, pool, gambling rooms, discotheques, baseball fields, and even a zoo, were effectively shut down.</p> 
 <p>Despite the apparent amenities, the reality for many inmates within the prison was far from pleasant. Gang leaders had been keeping other prisoners in slavery, further highlighting the grim underbelly of the prison.</p> 
 <h2 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h2> 
 <p>The Tocorón prison raid is a stark reminder of Venezuela’s complex challenges, from rampant criminality to economic turmoil and the lure of cryptocurrency mining in the face of adversity. As the country grapples with these issues, it remains to be seen how the government’s stance on cryptocurrencies will evolve and whether Bitcoin mining will continue to find a foothold in this tumultuous environment.</p>  
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/venezuelan-authorities-uncover-bitcoin-miners-and-munitions-in-prison-raid-tbt63781.html">https://thebittimes.com/venezuelan-authorities-uncover-bitcoin-miners-and-munitions-in-prison-raid-tbt63781.html</a></p>

Venezuelan Authorities Uncover Bitcoin Miners and Munitions in Prison Raid

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TheBitTimes

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