This country seized over 100 illegally operating Crypto mining rigs, Here’s what happened

This country seized over 100 illegally operating Crypto mining rigs, Here’s what happened

The Venezuelan authorities have revealed yet another takedown of an unregistered crypto mining operation in the nation. According to a local news outlet, a joint operation by the National Superintendency of Crypto Assets and Related Activities (Sunacrip), together with the National Electric Corporation (CORPOELEC), accompanied by the Venezuelan police authorities, cracked down on a “clandestinely” operating unregistered crypto mining operation and seized 104 mining rigs from the Palo Verde sector of Miranda state.

While crypto mining is levied legal in Venezuela, the country is still flooded with illegal mining farms in lieu of strict regulatory policies on mining. Crypto mining operations are required to get approval from Sunacrip to become registered. However, to avoid regulatory oversight crypto mining farms prefer to stay unregistered. Nevertheless, they get caught due to excess energy consumption which puts them on the power grid. This is exactly what happened with the latest illicit crypto mining farm, which was eventually located by the authorities given the strain it was imposing on the power distribution system of its territory.

Former Unregistered Crypto Mining Operations

Earlier this year, during the month of June, Venezuelan authorities confiscated over 400 illegally operating mining rigs in two separate investigations. According to local news, in the first operation, the military seized 79 Inosilicon T2 brand machines, hidden in a house located in the Cuatricentenaria sector, Barinas municipality. Following the former, the authorities caught a truck that was transporting illegal crypto mining equipment. A total of 332 Bitcoin machines were being transported, with 56 brand Inosilicon T2, 136 Antminers S9J-14.5T, and 140 Aladdinminers.

Crypto Mining Vs. Sustainability

While the world is now divided into pro and anti-crypto groups, with an ongoing crypto crackdown, many nations are focused on bringing down crypto mining centers to break the base itself. Last month, the New York State’s local businesses, labor groups, and several organizations came together against allotting the city’s old fossil-fuel power plants to build crypto mining centers. One of their main arguments was crypto mining farms’ unsustainable nature. This is proof that unless the entire crypto industry upgrades to an absolute sustainable energy approach, they will continue to face considerable backlash.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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