The socialist government of Venezuela has varied ties with cryptocurrencies. Crypto mining is allowed in Venezuela. However, miners must seek a license from the Comprehensive Mining Registry (RIM). Miners and officials of the government are discussing nationwide digital mining pools.
In the troubled nation, on the other hand, crypto has become a major problem. For many years Venezuela, which sees most of its oil sector. Has experienced runaway inflation. This has resulted in citizens stacking bitcoin and other cryptos. Despite their evident volatility, cryptocurrencies do not suffer the Venezuelan bolivar’s severe inflation.
According to the national cryptocurrency watchdog, Sunacrip. A group of Venezuelan Bitcoin miners unplugged by Regional Authorities in Carabobo may restart their activities within the following 48 hours. On Wednesday, the institution visited the miners and promised them that the regional authorities would make the required modifications to function and prevent future breaks in the service.
Asonacrip also stated the disconnected miners were operating in “industrial parks suitable for the activity without damaging energy consumption, and additionally, with their income, they contribute to the recovery of the national electricity system.”
State Power Contingence
Some individuals with knowledge of this issue said that these miners, unplugged from the power grid were because of a state power contingence. There were no formal comments at the time of the writing outlining the rationale for these measures.
Although official statistics are not available on miners in Venezuela. Most of the hashrate operating in Venezuela operate without a Sunacrip license. This is why the institution constantly promotes miners’ registration. Along with the advantages of a license granted for mining cryptocurrency. However, according to Asonacrip, all the miners impacted by this action operated lawfully.
Social media people joined in and said that the relevant State parties should compensate miners for the losses caused by these measures. Emphasizing that similar events may become less frequent in the future. Due to previous events, Sunacrip also indicated that miners could not be visited without a Sunacrip officer by police or military agents.