"On May 7, peak 15,579 MW demand prompted Venezuela to reiterate bitcoin mining ban measures. The ban impacts local miners, mirroring a 2024 Russian Energy Ministry policy that saved 300 MW. Despite bans, reports explain that bitcoin mining offers untapped potential in harnessing stranded energy sources. Cryptocurrency mining, as an energy-intensive activity, keeps facing restrictions in several countries due to its impact on local energy grids."
"The Venezuelan government issued a statement reiterating the ongoing ban on digital mining operations, as the country faces peak energy demand, prompting power rationing measures affecting citizens. The statement stressed that on May 7, the National Electric System experienced a peak demand of 15,579 MW, the highest number in 9 years, attributing this rise to an ongoing heat wave and the continued growth of the country's economy."
"Regarding crypto mining, it states that the absolute ban on digital mining in the national territory is upheld. Those who illegally use this activity will be sanctioned as the law establishes. Furthermore, authorities established an oversight plan to fulfill this order. The government also cited international sanctions as a factor in the difficulties of recovering and maintaining the national electric system, and called on private companies to make effective use of their self-generating capabilities to help maintain the grid's stability."
"Finally, the government announced it will present a plan to recover and transform the nation's grid. Even with these difficulties, reports indicate that "
Venezuela reiterated a nationwide ban on cryptocurrency mining as electricity demand reached a record peak of 15,579 MW on May 7. The government attributed the rise to an ongoing heat wave and continued economic growth, and said power rationing measures affected citizens. Authorities stated that an absolute ban on digital mining remains in force across national territory and that illegal activity will be sanctioned under existing law. An oversight plan was established to ensure compliance. The government also cited international sanctions as a factor complicating recovery and maintenance of the national electric system. It urged private companies to use self-generation capabilities to support grid stability and announced a plan to recover and transform the grid.
#cryptocurrency-mining #venezuela-energy-crisis #electricity-demand #government-regulation #power-rationing
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