2 November 2024
Now It's Illegal To Mine Crypto In Venezuela Public Housing
Now mining crypto in government-owned houses or neighborhoods of Venezuela has become illegal.
Country’s Minister of Habitat and Housing Ildemaro Villarroel announced on Friday and said that crypto-mining could harm Venezuela’s electricity distribution. He further added that a ban on crypto mining in these areas is part of the “Gran Misión Vivienda” project (Great Home Mission).
Villarroel said in his speech that any asset related to crypto mining is banned in public housing as it consumes a lot of electricity, which violates government electricity supply policy.
He said,
“In this coordinated work, we have detected the harmful effects of these elements of high electrical demand in the public houses of the Gran Misión Vivienda project.”
The plan of Venezuela is to give government supply to low-income Venezuelans with decent houses amidst the economic crisis country faces. In the previous month, the country had delivered 151 houses to families in Caracas which is the country’s capital. The government of Venezuela has placed an official ban on crypto mining near new properties and its neighborhood.
Minister expressed in his speech that cryptocurrency mining not only harms distributing power supply in a particular area but everywhere in the country. Many people are against this policy and expressed their anger on social media stating that the government has neglected to upgrade local electric supply systems.
Venezuela had faced the biggest problem last year after a national electric shutdown owing to the ‘Guri’ hydroelectric dam failure.
A few days back, Bolivian National Guard of Puerto Ordaz had seized 315 Bitcoin mining tools developed by Bitmain. The machines were taken over because the owners allegedly did not have clearance to own and operate these tools.
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