In a significant move, Venezuelan authorities, led by the National Power Ministry and Corpoelec, the state-owned power company, have confiscated over 6,000 bitcoin miners in two recent operations. The ministry, which has announced plans to disconnect all bitcoin miners due to high energy consumption, has already seized more than 17,000 miners from various mining farms.
The Venezuelan government is intensifying its efforts against bitcoin mining. Authorities, including local police, intelligence officials, Corpoelec, and the National Power Ministry, have conducted two operations in different states, seizing over 6,000 miners.
The first operation, conducted in Portuguesa state, resulted in the confiscation of 5,995 bitcoin miners that had been disconnected from the power grid to prevent reconnection. Additionally, 293 miners were seized in another operation in Cojedes state, where energy connection equipment was also confiscated.
These actions are part of a broader plan by the National Power Ministry to disconnect all bitcoin mining operations to reduce the energy load on the power system. Venezuela is currently facing an energy crisis, causing frequent blackouts in several states. It remains unclear whether this ban will continue after the power crisis is resolved or if it will be permanent.
Earlier reports revealed that over 11,000 bitcoin miners had been disconnected and seized by May 20th in Carabobo state, one of the country’s industrial centers. With these new operations, the total number of miners seized has exceeded 17,000.
Venezuela was once a pioneer in cryptocurrency and mining regulation. However, following the intervention of Sunacrip, the national cryptocurrency enforcer, and the arrest of its former head, Joselit Ramirez, the government’s stance towards the industry has shifted. Reports suggest Ramirez played a key role in unregistered sales of sanctioned Venezuelan oil for cryptocurrency, facilitating a $20 billion embezzlement and money laundering scheme that is still under investigation.
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