Venezuela Cracks Down on Bitcoin Mining to Combat Power Outages
Venezuela's government has taken drastic measures to combat power outages, including a crackdown on Bitcoin mining. Despite low electricity prices, the country's weak power grids have led to frequent blackouts, disrupting industries and daily life.
Bitcoin mining, which requires substantial electricity, has been thriving in Venezuela due to its cheap energy. However, the government has accused miners of exacerbating power outages. In late March 2023, the Ministry of Electricity officially disconnected crypto-mining farms from the power grid, seizing over 11,000 mining devices.
The 'Special Plan for Load Control' was launched on April 23, 2023, aiming to manage electricity demand and prevent blackouts. Despite Venezuela's rich energy sources, its power grid's construction and maintenance have been neglected, making it conditionally suitable for large-scale mining operations.
The Venezuelan government's actions highlight the strain that Bitcoin mining can place on underdeveloped power grids. While the country's cheap electricity has attracted miners, its weak infrastructure has led to a crackdown, raising questions about the sustainability of mining operations in such environments.
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