In a recent announcement, the Venezuelan government said that the country has decided to ban Bitcoin mining activities.
Venezuela's Ministry of Electricity revealed plans to disconnect cryptocurrency mining farms from the national electricity grid. The above decision aims to regulate excessive energy consumption, thereby ensuring a stable electricity supply for people.
One more country bans Bitcoin mining - 1
Venezuela announced a ban on Bitcoin mining activities to ensure electricity for its people
In a post on social media platform X, Venezuela's National Cryptocurrency Association also confirmed that Bitcoin mining is currently banned in the country.
This move comes in the context that the country often faces periodic power cuts, especially since 2019. This has significantly affected people's daily lives as well as their activities. economic activity in general.
Mining Bitcoin and some other cryptocurrencies requires huge amounts of electrical energy. Before Venezuela, a number of other countries such as China and Kazakhstan have also introduced strict regulations or completely banned this activity.
In mid-April, the fourth Bitcoin Halving event took place. This was a disruptive event for the entire cryptocurrency industry, involving the halving of block rewards for Bitcoin miners.
After the halving takes place, miners will be the first to be affected when their rewards are reduced
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