Title: “Venezuelan Government’s Anti-Corruption Crypto Crackdown”

May 19, 2024

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Article Summary: Venezuelan Government Confiscates 2,000 Crypto Mining Devices


The Venezuelan government confiscated 2,000 crypto mining devices in an effort to control energy consumption and tackle corruption.


The Venezuelan government aims to detach cryptocurrency mining farms from the power grid to address the country’s excessive energy consumption and ensure a stable electricity supply. The recent confiscation of mining devices has prompted this decision.

Main Points

The government’s move is to alleviate the significant energy burden caused by crypto mining activities and provide reliable electricity service to residents. The seizure of mining units is part of efforts to stabilize the erratic national electricity supply, which has led to increased blackouts since 2019, impacting both the population and the economy.

The crackdown on cryptocurrency mining is also part of a broader initiative to combat corruption, including the arrest of officials like Joselit Ramírez, the former chairman of the National Superintendency of Cryptoassets (Sunacrip).


Efforts to tackle the energy crisis and combat corruption in Venezuela involve confiscating crypto mining devices and seeking public assistance to identify illegal mining operations. The government’s actions aim to ensure a reliable electricity supply and promote transparency in cryptocurrency activities.