Venezuela Approves Crypto Mining Ban As Energy Demand Hits 9-Year High
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On May 7, the high demand of 15,579MW prompted Venezuela to repeat the bitcoin mining ban measures.The ban will affect mining in the area, which reflects the policy of the Russian Ministry of Energy, which has gained 300 megawatts by 2024.Despite the restrictions, according to reports, bitcoin mining offers an untapped potential for harnessing energy sources.
Venezuela spoke again. Crypto The ban on mining said illegal mining activities would be sanctioned.
Crypto currency Mining, as an energy-intensive activity, faces restrictions in several countries due to its impact on local energy networks.
Regarding crypto mining, it states that “the absolute ban on digital mining in the national territory is upheld. Those who illegally use this activity will be sanctioned as the law establishes.” In addition, the authorities have prepared a control plan to carry out this order.
Finally, the government announced that it will present a plan to restore and transform the country's grid.
