Venezuela’s Bitcoin mining crackdown is ongoing, with the nation’s army seizing 35 rigs in Guárico. Despite President Nicolás Maduro’s comments about returning to the crypto path, police and army officials continue to hunt for illegal crypto miners. The military seized 35 mining devices, 30 extractors, and electric fans from miners who did not have permits or licenses to operate. The government claims many miners use illegal connections to the National Electric System (SEN), leading to power outages.
The Venezuelan military has been tasked with disconnecting Bitcoin mining farms to combat illegal mining activities. The government blames illegal miners for recurring power outages in the country over the past few years. The recent raid in Guárico was conducted in a private house in the El Mirador District, leading to the seizure of mining equipment and vehicles. The government emphasizes that Venezuela has regulations for crypto mining activities, including a registration system for miners, exchanges, and related services.
The Ministry of Electrical Energy supports the crackdown on illegal miners, stating that cutting them off from the grid will relieve pressure on the networks, ensuring more reliable service for citizens. Maduro referred to previous obstacles in the country’s crypto adoption efforts as the work of “bandits and thieves” and emphasized the need to continue on the crypto path. Previously, the government had ordered the army’s engineering core to mine BTC, but soldiers have since been redeployed to combat illegal mining activities, launching raids across the country.
The crackdown on illegal Bitcoin mining is part of the government’s efforts to regulate and enforce compliance within the crypto industry. The seizures of mining rigs and equipment indicate the authorities’ commitment to upholding the legal framework governing crypto activities in Venezuela. The government’s goal is to prevent illicit mining practices that strain the power grid and disrupt electricity supply in the country, ensuring a more stable and efficient service for all citizens.
Despite Maduro’s recent statements about returning to the crypto path, the ongoing crackdown on illegal Bitcoin mining demonstrates the government’s determination to enforce regulations and combat illicit activities within the industry. By seizing mining equipment and disconnecting illegal operations from the grid, authorities aim to prevent power outages caused by unauthorized mining activities. The military’s involvement in enforcing compliance with crypto regulations underscores the government’s efforts to uphold legal standards and promote responsible crypto mining practices in Venezuela.
