Bitcoin

The Venezuelan government prohibits crypto mining in government-granted apartments

Venezuelan Minister of Housing and Habitat, Ildemaro Villarroel, announced today that crypto-mining operations are not permitted in government-owned housing or neighborhoods that are part of the Great Housing Mission project.

During an official speech on July 15th Villaroel explained that any type of crypto-mining equipment is prohibited in public housing due to the “high energy consumption” and extensive “violation” of the government’s power supply policy.

The minister added:

“In this coordinated work, we identified the detrimental impact of these elements of high electricity consumption in the public houses of the Gran Misión Vivienda project.”

The Venezuelan government prohibits crypto mining in government-granted apartments
The Venezuelan government prohibits crypto mining in government-granted apartments

The Great Housing Mission is a plan by the Venezuelan government to provide housing for low-income citizens in a long-lasting economic crisis that the country faced before COVID-19 was released.

“Damage” to the local power system

According to Villarroel, cryptocurrency mining activities could affect the distribution of energy in different parts of the city. Critics of the measure, especially on social media, They point out that Venezuela negligently improved the local electricity supply system. The problem got bigger after a national power outage in 2019 as a result of the failure of the “Guri” hydropower plant.

Recently, The Bolivarian National Guard of Puerto Ordaz confiscated 315 Bitcoin Mining Machines (BTC) made by Bitmain. The owners of mining equipment were informed that they did not have the necessary permits to own and operate the machinery.

Similar Posts