Bitcoin News and Finance Venezuelan Authorities Seize More Than 100 Miners From Clandestine Bitcoin Mining Operation Skip to main content

Venezuelan Authorities Seize More Than 100 Miners From Clandestine Bitcoin Mining Operation

venezuelan

Venezuelan authorities seized over a hundred mining machines in a residential area of a central state. According to reports, the mining farm was operating illegally without permits that the national cryptocurrency watchdog, Sunacrip, requires for these operations. The seizure was led by the national police, officers from the national power company, and personnel from Sunacrip.

Venezuelan Mining Farm Seized by Authorities

Authorities seized over a hundred miners that were operating illegally in a clandestine farm located in a residential zone in Miranda, a central state in Venezuela. According to reports from local media, authorities located the farm due to the strain it was imposing on the power distribution system in the area. This prompted an inspection by the police and authorities from both the national power company (Corpoelec) and the national cryptocurrency watchdog (Sunacrip) to check for unreported mining activity.

The farm was dismantled and the mining equipment was seized by Sunacrip. Mining cryptocurrencies is a completely legal operation in Venezuela, but it requires a series of permits issued by Sunacrip designed to protect the electrical system from potential strains. However, due to past occurrences, some miners just choose to mine in an underground way, avoiding the oversight of Sunacrip, and giving opportunity for these events to happen.

Sunacrip has repeatedly made calls for miners to register with the organization, giving guarantees to miners.

More Seizures Happening

This is not the only seizure these authorities have carried out in the state. 165 mining machines were seized from a warehouse in the same state, that also lacked the necessary permits to operate in the area. Like the most recent incident, this seizure was also a joint action of police forces and Sunacrip officers. This year, Sunacrip had to require that these visits should always be made in the company of a Sunacrip officer, to avoid possible irregularities in the inspection process.

Further, in June, more than 400 miners were seized due to a lack of permits when transporting the machines. The authorities confiscated the mining cargo at a road checkpoint.

But even registered Venezuelan miners have had problems with power company officers and Sunacrip before. In August, officers from the national power company cut the power supply to registered Bitcoin miners in strange circumstances in the state of Carabobo. Sunacrip was able to mediate between the affected parties, and miners were reconnected to the power grid after a week.

What do you think about the seizure of bitcoin mining machines in Venezuela? Tell us in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory