Market

Venezuelan authorities apprehend over 100 miners.

Over a hundred mining machines were seized by Venezuelan authorities in a residential area of a central state. According to reports, the mining farm was operating illegally without the permits required by Sunacrip, the national cryptocurrency watchdog. The national police, officers from the national power company, and Sunacrip personnel led the seizure.

Venezuelan authorities apprehend over 100 miners. 3

Over a hundred illegal miners were apprehended in a clandestine farm located in a residential zone in Miranda, Venezuela‘s central state. According to local media reports, authorities located the farm due to the strain it was putting on the area’s power distribution system. This prompted police and officials from the national power company (Corpoelec) and the national cryptocurrency watchdog (Sunacrip) to conduct an inspection to look for unreported mining activity.

Sunacrip seized the mining equipment and dismantled the farm. Mining cryptocurrencies is entirely legal in Venezuela, but it does necessitate a series of permits issued by Sunacrip in order to protect the electrical system from potential strains. However, due to previous occurrences, some miners simply choose to mine underground, avoiding Sunacrip’s oversight and allowing these events to occur.

Sunacrip has repeatedly urged miners to register with the organization, which provides guarantees to miners.

More Seizures are Occurring

Venezuelan authorities apprehend over 100 miners. 4

This is not the first time these authorities have carried out a seizure in the state. 165 mining machines were seized from the same warehouse, which also lacked the necessary permits to operate in the area. This seizure, like the previous one, was the result of a collaborative effort between police and Sunacrip officers. To avoid potential irregularities in the inspection process, Sunacrip had to require that these visits be made in the company of a Sunacrip officer this year.

Furthermore, over 400 miners were detained in June due to a lack of permits when transporting the machines. The mining cargo was seized by authorities at a road checkpoint.

However, even registered Venezuelan miners have previously encountered issues with power company officers and Sunacrip. In August, officers from the national power company cut off power to registered Bitcoin miners in the state of Carabobo under unusual circumstances. Sunacrip was able to mediate between the parties involved, and miners were reconnected to the power grid a week later.

Patrick

Coincu News

Victor

Recent Posts

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

1 hour ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

4 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

6 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

7 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

10 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

13 hours ago

This website uses cookies.