- Venezuela’s MPPPE plans to ban crypto mining to stabilize national power.
- Recurring blackouts since 2019 prompt Venezuela to restrict crypto mining.
- Governor Rafael Lacava leads public initiative against illegal mining activities.
The Venezuelan government wants to cut off all bitcoin mining from the country’s electrical grid. The goal of this measure is to control the amount of electricity used for cryptocurrency mining and guarantee a more consistent power supply for the nation’s citizens.
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Government’s New Regulations
A local news source reports that the Ministry of Electric Power (MPPPE) has revealed a thorough plan to outlaw cryptocurrency mining across the country. The order places a higher priority on energy stability than the rapidly expanding cryptocurrency mining sector.
The National Association of Cryptocurrencies, citing the necessity to safeguard the integrity of the electrical grid above the energy-intensive demands of mining operations, confirmed this prohibition in a recent statement.
Initiative Against Corruption
A local news source claims that the Ministry of Electric Power (MPPPE) has unveiled a comprehensive plan to restrict cryptocurrency mining across the country. The directive gives energy stability a higher priority than it does the quickly expanding bitcoin mining industry.
The National Association of Cryptocurrencies, which places a higher priority on the stability of the electrical grid than the needs of energy-intensive mining operations, affirmed this prohibition in a recent statement.This campaign is a broader effort to tackle corruption and misuse of state resources.
Impact on Energy Supply
Venezuela has faced recurring blackouts since 2019, severely affecting daily life and economic performance. By eliminating the strain caused by crypto mining, officials aim to stabilise the national power supply. The country joins other nations, like China and Kazakhstan, in regulating or banning crypto mining to protect their power infrastructure and prioritise energy for essential public services.
Rafael Lacava, Governor of Carabobo state, has called on the public to report illegal mining activities. He highlighted the critical role of community involvement in safeguarding the electricity supply’s reliability.
In March 2023, the country’s energy supplier shut down mining facilities nationwide to reorganise the national crypto department and investigate corruption involving the national oil company. These measures reflect the government’s ongoing commitment to maintaining a stable and reliable power grid while addressing corruption within its ranks.
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