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Venezuelan Official Announces Policy Designed To Slow Crypto Mining In The Country
Summary: Crypto mining operations are no longer legal in state-owned housing or houses part of the "Great Home Mission" in Venezuela. The announcement came on Friday, July 17 from the Venezuelan Minister of Habitat and Housing Ildemaro Villarroel. He stated that the mining equipment took up too much power and violated the government's electrical supply policy. The ...
Crypto mining operations are no longer legal in state-owned housing or houses part of the "Great Home Mission" in Venezuela.
The announcement came on Friday, July 17 from the Venezuelan Minister of Habitat and Housing Ildemaro Villarroel. He stated that the mining equipment took up too much power and violated the government's electrical supply policy.
The "Great Home Mission" project is designed to provide housing for low income citizens affected by a long-lasted economic crisis which predated COVID-19. Villarroel argues that mining operations interfere with distribution of power throughout the country, but critics of the announcement countered that the government should have improved power infrastructure ages ago.
The country's long-standing economic crisis has driven the value of its national currency — the bolivar — down causing many citizens to turn to cryptocurrencies. This dynamic has made Venezuela a hub for crypto mining.
By Emily Mason
Tags: Crypto Mining,Venezuela
Link: Venezuelan Official Announces Policy Designed To Slow Crypto Mining In The Country [Copy]
