Venezuela Tells Citizens in Gov’t Houses to Stop Mining Crypto

Ban Bitcoin Mining Venezuela

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:54 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

The Venezuelan government is set to ban crypto mining in government-provided housing, per an official announcement.

The announcement was made in a video tweeted by state-owned television station VTV Canal 8.

In the video, Ildemaro Villarroel, the Minister of Housing, stated that the central government had issued an edict banning the installation of equipment that is capable of mining bitcoin (BTC) and other cryptocurrencies in homes provided by the state.

The minister said that the move was being made as part of a campaign to promote the sensible and conservative use of electricity.

He stated,

“The installation of cryptocurrency mining machines has now been prohibited as per the [amended] Great Mission Housing Venezuela housing plan.”

The Great Mission Housing Venezuela housing plan, introduced by the Hugo Chávez administration in 2011, was set up to provide housing for families living in precarious conditions.

Villarroel added that the decision had been taken in conjunction with the Ministry of Electric Energy, and spoke of the “harmful effects” crypto mining has had “on electricity demand and consumption in [state-built] urban developments.”

Cryptocurrency mining is legal in Venezuela, and the country is among the world’s top 10 electricity consumers for crypto mining, per data compiled by the University of Cambridge.

Earlier this month, the Venezuelan army announced the seizure of a truck loaded with 315 unregistered Antminer 9 crypto mining rigs.