Venezuela bans crypto mining to protect power grid

[TomPluz]

More on this here.

The Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands.

According to a local news outlet, Venezuela’s Ministry of Electric Power has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.

This move follows a recent crackdown involving the confiscation of 2,000 cryptocurrency mining devices in the city of Maracay as part of an anti-corruption initiative.

So Venezuela has become one of the countries that is banning cryptocurrency mining, along with China and Kazakhstan. And I think we should understand that the reason for this is that Venezuela has a real, big problem with its power supply though it is supposed to be so rich in oil and has been one of the top exporting gas supplier for the world. Due to economic mismanagement, things spiraled to its gloomy situation right now, years after the death of Hugo Chávez. This move by Venezuela can mean opportunity for other Latin countries willing to take mining business into their land.