Venezuela Tightens Grip on Crypto Mining Amid Energy Crisis

The Venezuelan government has strengthened its stance against cryptocurrency mining by reaffirming the nationwide ban on digital mining operations.

The move comes as the country faces a severe energy crisis, with peak demand reaching 15,579 MW on May 7, marking the highest number in nine years. The authorities attribute this surge to an ongoing heat wave and the continued growth of the economy.

The government has stated that those who engage in illegal mining activities will be sanctioned according to the law. An oversight plan has been established to ensure compliance with the ban.

In a bid to alleviate the energy crisis, private companies have been called upon to utilize their self-generating capabilities effectively. Furthermore, the government plans to present a recovery and transformation plan for the national grid.