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Sunacrip captures over 100 unauthorized bitcoin miners in Miranda

TL; DR Breakdown

  • About 100 miners operating without a license find themselves in trouble.
  • Some miners are still working behind Sunacrip’s back, putting a strain on the power sector.

Sunacrip, National Superintendency of Crypto Assets and Related Activities, has raided miners operating without a work permit. According to reports, more than one hundred miners in a Clandestine farm in Venezuela are in custody. They were discovered because of the high electricity usage in the area.

For this reason, the authorities decided to inspect the farm, which is located in Miranda, a central state in Venezuela. A team from both the national power company (Corpoelec) and the Sunacrip, we’re dispatched to the suspected area. They needed to inspect the site where the miners were executing their activities without a permit.

The dispatched team demolished the farm, and the crypto watchdog confiscated all the equipment.

Crypto Mining under Sunacrip

Crypto mining is allowed in Venezuela under regulation. Since last year the crypto assets authority began regulating activities associated with digital mining. Companies and individuals involved in digital mining activities are expected to have a work permit. The national cryptocurrency watchdog has made several efforts to regulate digital mining in Venezuela. The firm ensures the electrical structure is not burdened.

If miners work under the laws, they can import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services to digital mining.

Past arrests

Sunacrip has been urging miners to register with the organization, giving guarantees to miners. Still, some miners have decided to work unregulated, leading to strains on the electricity system.

Earlier this year, over 400 miners were found transporting the machines without a license. The authorities took the mining equipment at a road checkpoint, and the miners were arrested too.

Authorities also took over 160 pieces of mining equipment from a warehouse in Miranda. The group was also operating without a license. 

The dispatched team should always have a Sunacrip officer just in case irregularities arise while scrutinizing an area.

Despite having a license, some miners have found themselves brushing shoulders with the authorities. A few months ago, officers from the national power company disconnected the power supply from licensed Bitcoin miners. 

The power officials did not give prior notice to the miners in the state of Carabobo. A week later, the power officials reconnected the electricity supply after the watchdog heard of the matter.

Recently Sunacrip and the Intelligence Police (CICPC) told the community to be very keen on cryptocurrency scams. The organizations advised the users of Petro (PTR), the national cryptocurrency, to keep their accounts’ passwords secure. Cryptocurrency Ponzi schemes involving the national cryptocurrency were on the rise.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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