Venezuela bans crypto mining in the public housing sector
Venezuelan Minister of Habitat and Housing Ildemaro Villarroel announced today that crypto mining operations won’t be allowed in any state-owned housing or neighborhoods that are part of the “Gran Misión Vivienda” project.
The Venezuelan government has banned mining operations in any low-income neighborhoods with subsidized housing.
Venezuelan authorities have decided to ban mining of cryptocurrencies in public areas due to high energy consumption. Venezuela is increasingly tightening the illegal circulation of virtual assets in order to displace competitors of the national digital currency El Petro from the market.
According to the Venezuelan Minister of Habitat and Housing Ildemaro Villarroel, the crypto mining is now banned in any office building, including public areas. The new solution is part of a major housing project for the poor as part of the Gran Misión Vivienda project.
Despite the fact that Venezuela has decided not to ignore the potential of crypto technology and created its own product, the population of the country does not use the new currency much, but tries to bypass the regulations to mine and earn Bitcoin or other large altcoins, such as Dash.
Villaroel said the ban on mining is linked to high energy consumption. As such, this activity violates the country’s electricity supply policy, the minister said. However, not everyone liked the minister’s explanation. Locals in social networks claim that Venezuela neglected to improve the electricity supply when it had the opportunity, even though the problem had been present for a long time.
The problem of power supply was most felt during the blackout that affected the whole country last year. In March 2019, Venezuela experienced its largest blackout ever. At that time, the authorities accused the opposition, as well as hackers from the U.S., of cutbacks in electricity supply.
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