Venezuelan Bitcoin miners off the grid

Category: Americas Blockchain Crypto

Regional authorities of Carabobo in Venezuela have cut Bitcoin miners off power grid without explanation

This weekend, registered Bitcoin miners were cut off the Venezuelan electricity grid in Carobobo, a key industrial state of the nation, without receiving any official statement explaining the measure. Local media suggests the enormous energy consumption to be the reason, as it allegedly threatened to cause power shortages.

As was reported by Criptonoticias, the national power corporation and crypto regulator Sunacrip are cooperating on a mutual agreement, that will allow mining to continue without disrupting the power grid. Industry insiders have decided to not issue any comments on this matter, until they have met with regulatory officials.

The suspension of mining activities coincided with the electoral process of government party officials. Possibly, authorities evaded an unstable power grid situation that would have disturbed the process.

Crypto mining is legal in a regulated and monitored environment, however many citizens do not trust their pariah government, resulting in widespread unregistered mining.

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