Venezuela Seizes 315 Bitcoin Mining Rigs: Miners Discuss Illegal Confiscation, Police Extortion

The Venezuelan armed force has actually taken 315 Bitmain Antminer S9 bitcoin mining rigs it declares are not appropriately signed up to run in the nation. Although cryptocurrency mining is legal in Venezuela, miners state they have actually been unjustly dealt with, pointing out illegal seizures of mining devices and police extortion.

Venezuela Seizes Bitcoin Mining Equipment

The Bolivarian National Guard of Venezuela (GNB) revealed through Twitter Monday that it has actually taken 315 Antminer S9 bitcoin mining rigs in the southern area of the nation. The GNB is among the biggest departments of the National Bolivarian Armed Forces.

The tweet describes that the GNB chose to take the bitcoin mining devices since the owner did not have correct registration documents. The case has actually been forwarded to the National Superintendency of Crypto Assets and Related Activities (Sunacrip), the crypto regulator selected by the federal government of Nicolas Maduro accountable for signing up miners.

According to regional news outlet Criptonoticias, this is the very first recognized mining devices confiscation by Venezuelan authorities in 2020. The one prior to this remained in September 2019 in the state of Aragua, where mining rigs were also took due to an absence of correct registration documents.

Miners Warn of Illegal Seizures and Extortion

Officially, the Venezuelan federal government has actually legislated cryptocurrency mining, needing miners to sign up and get crypto mining certificates. However, cryptocurrency miners in the nation have actually consistently stated that mining devices has actually been unlawfully taken and miners have actually been obtained by the police. A variety of crypto miners informed Criptonoticias that “mining cryptocurrencies in Venezuela has actually ended up being a dangerous activity,” the publication communicated, including that some stated police authorities have actually required money kickbacks to ignore mining devices they have actually found.

Veteran crypto miner Joan Telo informed the news outlet that when determining mining success in Venezuela, miners need to consist of extortion payments and losses from their devices being seized. Despite crypto mining being a legal activity, he included that it “is performed clandestinely which fundamental expenses of moving the whole operation to another place need to be thought about, once it is found by the authorities.”

What do you think of how Venezuela deals with crypto miners? Let us understand in the comments area below.

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