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

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The Venezuelan army has seized 315 Bitmain Antminer S9 bitcoin mining rigs it claims are usually not correctly registered to function within the nation. Though cryptocurrency mining is authorized in Venezuela, miners say they’ve been unfairly handled, citing unlawful seizures of mining gear and police extortion.

Venezuela Seizes Bitcoin Mining Tools

The Bolivarian Nationwide Guard of Venezuela (GNB) introduced through Twitter Monday that it has seized 315 Antminer S9 bitcoin mining rigs within the southern area of the nation. The GNB is likely one of the largest divisions of the Nationwide Bolivarian Armed Forces.

The tweet explains that the GNB determined to grab the bitcoin mining gear as a result of the proprietor didn’t have correct registration papers. The case has been forwarded to the Nationwide Superintendency of Crypto Property and Associated Actions (Sunacrip), the crypto regulator appointed by the federal government of Nicolas Maduro answerable for registering miners.

Based on native information outlet Criptonoticias, that is the primary recognized mining gear confiscation by Venezuelan authorities in 2020. The one earlier than this was in September 2019 within the state of Aragua, the place mining rigs had been additionally seized on account of an absence of correct registration papers.

Miners Warn of Illegal Seizures and Extortion

Formally, the Venezuelan authorities has legalized cryptocurrency mining, requiring miners to register and acquire crypto mining certificates. Nonetheless, cryptocurrency miners within the nation have repeatedly mentioned that mining gear has been illegally seized and miners have been extorted by the police. Quite a lot of crypto miners informed Criptonoticias that “mining cryptocurrencies in Venezuela has turn out to be a dangerous exercise,” the publication conveyed, including that some mentioned police officers have demanded money bribes to miss mining gear they’ve found.

Veteran crypto miner Joan Telo informed the information outlet that when calculating mining profitability in Venezuela, miners should embrace extortion funds and losses from their gear being confiscated. Regardless of crypto mining being a authorized exercise, he added that it “is carried out clandestinely and that inherent prices of migrating your complete operation to a different location must be thought of, as soon as it’s detected by the authorities.”

What do you consider how Venezuela treats crypto miners? Tell us within the feedback part beneath.

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