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Venezuela Bans Crypto Mining, Confiscates Over 11,000 Devices to Protect Power Grid

May 19, 2024, 01:30 PM

The Venezuelan government has announced a ban on cryptocurrency mining to protect its power grid. The Ministry of Electric Energy stated that the high electricity consumption of Bitcoin mining farms has led to frequent power failures in surrounding areas. To ensure stable electricity for residents, the government plans to disconnect all mining farms from the grid. Additionally, authorities have confiscated over 11,000 mining devices as part of the crackdown, including a recent seizure of 2,000 devices.