Venezuelan authorities cut off electricity to Carabobo miners

Tue 10 Aug 2021 ▪ 16h14 ▪ 2 min de lecture - par Adrien Stefanini

On 7th August, Carabobo regional authorities cut off power supply to all registered miners working in this key industrial state of Venezuela. No official explanation followed. 

What provoked the shutdown? 

According to the Venezuelan outlet Criptonoticias, the state’s decision was driven by the fact that the mining user base was consuming too much energy, which jeopardised the entire power supply of Carabobo residents.

Now the national power corporation and the Venezuelan crypto regulator, Sunacrip, are planning to discuss the situation and come up with a proper solution. Carabobo hosts many Bitcoin (BTC) mining companies, so this power outage did affect their business. 

Mining law in Venezuela

Mining has been legalised in Venezuela since the National Superintendence of Cryptoassets and Related Activities (Sunascrip) introduced a bill regulating mining activities. The bill obliges miners to obtain a license and keep a detailed record of their activities for the past 10 years. However, lots of crypto miners have decided to continue working unlicensed due to a lack of confidence in the state.

The recent power shutdown was a signal to all miners that it’s high time they get registered with the national watchdog and start mining in a legal fashion. As for now, industry insiders have decided to put compromising comments on hold until the upcoming meeting with the officials takes place.

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Adrien Stefanini

Ingénieur de formation, et spécialisé dans les nouvelles technologies, je me suis toujours intéressé à la blockchain et aux cryptomonnaies. Je suis heureux de faire partie de l'équipe CoinTribune.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.