Venezuela Bans Cryptocurrency Mining to Protect Power Grid

PANews reported on May 19, citing local media via Cointelegraph, that the Venezuelan Ministry of Electric Power (MPPPE) announced plans to disconnect cryptocurrency mining farms from the national grid. This move aims to regulate excessive energy consumption and ensure stable electricity supply for the public. A post from the Venezuelan National Cryptocurrency Association on platform X stated that cryptocurrency mining is banned nationwide in Venezuela. This action prioritizes energy stability over the emerging cryptocurrency mining industry. Previously, as part of anti-corruption measures, a crackdown was conducted in Maracay, Aragua state, about 120 kilometers southwest of Caracas, resulting in the seizure of 2,000 cryptocurrency mining devices. The Ministry of Electric Power emphasized the need to eliminate the pressure caused by these high-energy-consuming plants to provide efficient and reliable electricity services across Venezuela. Officials stated that these measures are crucial for stabilizing the national power supply, which has been unstable for the past decade. The country has experienced repeated power outages, especially since 2019, severely affecting residents' daily lives and overall economic performance.