Bitcoin

In a recent operation, Venezuelan authorities seized over 6,000 <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">bitcoin miners</a> in two states. The confiscations, led by the National Power Ministry and state-owned power company Corpoelec, aim to reduce the energy load on the country's struggling power system, according to <a href="https://news.bitcoin.com/venezuelan-authorities-seize-over-6000-bitcoin-miners-in-2-new-operations-over-17000-confiscated-in-total/">Bitcoin.com</a>. 
The first operation occurred in Portuguesa state, where 5,995 miners were disconnected and seized. The second operation in Cojedes state resulted in the seizure of 293 miners and energy connection equipment. These actions are part of a broader initiative to disconnect all bitcoin mining operations due to their high energy consumption. 
Earlier, over 11,000 bitcoin miners were confiscated in Carabobo state, bringing the total to over 17,000 miners seized. Venezuela, once a pioneer in cryptocurrency regulation, has shifted its stance following the arrest of Joselit Ramirez, the former head of Sunacrip. Ramirez is accused of facilitating a $20 billion embezzlement and money laundering scheme involving unregistered sales of sanctioned Venezuelan oil for cryptocurrency. 
The government’s crackdown reflects growing concerns over the strain that cryptocurrency mining places on the national power grid. With frequent blackouts affecting several states, the authorities are determined to mitigate the impact of these energy-intensive activities. 
The future of bitcoin mining in Venezuela remains uncertain. The National Power Ministry has not clarified whether the ban on mining will be permanent or if it will be lifted once the energy crisis subsides. The outcome of this crackdown will likely influence the country’s approach to cryptocurrency mining and regulation in the future.

Venezuelan Authorities Seize Over 17,000 Bitcoin Miners in Crackdown

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