TL;DR Breakdown:
Around 100 miners who were operating without a license have been apprehended by the National Superintendency of Crypto Assets and Related Activities (Sunacrip) in Venezuela. The miners were discovered due to their excessive electricity consumption, prompting an inspection by Sunacrip and the national power company. The illegal mining farm was subsequently demolished, and all equipment was confiscated. Sunacrip has been urging miners to register and obtain permits to avoid straining the electricity system. In recent months, there have been cases of licensed miners facing issues with power supply and an increase in cryptocurrency scams involving the national cryptocurrency, Petro (PTR).
Approximately 100 miners operating without a proper license have found themselves in a predicament, as the National Superintendency of Crypto Assets and Related Activities (Sunacrip) in Venezuela has taken action against them. These rogue miners, who were conducting their activities clandestinely, have been exposed due to their excessive reliance on electricity, which raised suspicions and led to an inspection by Sunacrip and the national power company.
The mining operation, located in Miranda, a central state in Venezuela, was swiftly raided by a team dispatched by Sunacrip and the national power company, Corpoelec. The farm was effectively dismantled, and all the equipment used for mining cryptocurrencies was seized by the crypto watchdog.
In order to regulate digital mining activities, the Venezuelan government has allowed crypto mining under the supervision of Sunacrip. Since last year, the authority has been actively involved in overseeing mining activities and has required companies and individuals involved in this sector to obtain the necessary work permits. This move has been aimed at preventing any strain on the national power grid caused by excessive electricity consumption.
Miners who adhere to the regulations set by Sunacrip are granted various privileges, including the ability to import and trade digital mining equipment, provide cloud mining services, and offer hosting services for mining operations. However, despite these incentives, some miners have chosen to operate without a license, leading to disruptions in the electricity system.
Earlier this year, over 400 miners were caught transporting mining machines without the required permits. At a road checkpoint, authorities confiscated the equipment and arrested the miners involved. In another incident, 160 pieces of mining equipment were seized from an unlicensed operation in Miranda.
To ensure transparency and prevent any irregularities during inspections, Sunacrip requires that a representative from their organization be present when a team is dispatched to scrutinize an area.
Even licensed miners have faced challenges with the authorities. In the state of Carabobo, power officials disconnected the electricity supply to licensed Bitcoin miners without prior notice. It was only after Sunacrip intervened that the power supply was restored a week later.
Recently, Sunacrip and the Intelligence Police (CICPC) have issued warnings about cryptocurrency scams and advised users of Petro (PTR), the national cryptocurrency, to secure their account passwords. There has been an increase in Ponzi schemes involving the national cryptocurrency, highlighting the need for vigilance within the community.
