Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.
Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.
But this process isn’t guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn’t against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen’s power there is obviously backlash.
