VenezuelaVenezuelan authorities released a new video showing the ongoing crackdown on Bitcoin mining firms. The crackdown occurred in one of the mining galleries in the industrial area of Valencia.
The country has launched an official crackdown on Bitcoin mining firms. The decision, however, has been heavily criticized by crypto enthusiasts. Despite the criticism, the government launched an operation to monitor heavy power consumers through the National Power Ministry.
Also read: Venezuela Enforces Crypto Mining Ban Over High Energy Consumption
Venezuelan Authorities Release Crackdown Video
JUST IN: Authorities in 🇻🇪 Venezuela release video documenting the seizure of a large #Bitcoin mining facility following this week’s decree to crack down on the industry 😮 pic.twitter.com/Fe1CzlyjMt
— Bitcoin News (@BitcoinNewsCom) May 19, 2024
The authorities want to ensure all Bitcoin mining firms are disconnected from the national grid. According to the national government, the mining facilities have high power consumption. The high-consuming firms cripple the country’s ability to supply power to citizens.
Also read: Petro Cryptocurrency Discontinued in Venezuela Following Legal Troubles
In the video, the official says miners steal from the national grid. He says the ongoing operation is motivated by the need to help citizens have more reliable power.
Further in the video, the official claims he is not against cryptocurrency. He mentions his uncertainty about the legality of the mines, saying,
“I don’t know whether or not this was authorized by the government. “
Authorities Call for Immediate Disconnection
Venezuela’s Ministry of Electrical Power (MPPPE) began enforcing the government’s directive last Friday. The government’s call for immediate disconnection is part of a larger regulatory scheme. The mission is to control power consumption from heavy consumers and eliminate Bitcoin miners.
“We are cutting off all cryptocurrency mining farms from the national electrical system.”
-MPPPE on Instagram
The officials have seized over 11,000 Bitcoin miners up to this point. Operations are still ongoing, and more developments are expected during the week.
Crypto Enthusiasts React to the Raid
Crypto Twitter is clearly not happy with Venezuelan authorities’ strict measures. Many crypto enthusiasts on Twitter have expressed their disappointment. Here are some comments from crypto fans on Twitter.
“So stupid.
There currency is worthless and they block the one technology that can solve their plight.Thats why voting for smart politicians who aren’t puppets is very very important for your country and life.”
– James CryptoGuru on X
Many crypto fans disagree with the authorities on the issue. Some claim the government is making excuses to confiscate the mining machines for itself.
Cryptopolitan reporting by Collins J. Okoth
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