fbpx

AIBC

Venezuelan Bitcoin miners off the grid

Posted: Aug 10, 2021 14:25 Category: Americas , Blockchain , Crypto , Posted by
Stanley Yin

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.

Next up: Malta Week

Don’t miss out on amazing networking opportunities and exclusive industry insights at Malta Week. Four leading shows will bring the best of the business back-to-back to a first-class meeting point. Malta Week will consist of SiGMAAIBCMed-Tech World and AGS, each presenting the top developments of their focal industries.

The cross-collaboration of each brand make Malta Week the number one destination for leading think-tanks of the gaming sector, emerging tech, digital health and digital marketing. The middle of the Mediterranean is the perfect place for multi-faceted business deals and face-to-face conversations with leading affiliates, policymakers and thought leaders.

Related Posts

Jesse Powell, CEO of Kraken…

Kraken is currently the fourth-largest crypto exchange, after Binance, FTX and Coinbase. The CEO of Kraken, Jesse Powell, is resigning…