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

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

The Venezuelan army has seized 315 Bitmain Antminer S9 bitcoin mining rigs it claims are usually not correctly registered to function within the nation. Although 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 Equipment

The Bolivarian National Guard of Venezuela (GNB) introduced by way of Twitter Monday that it has seized 315 Antminer S9 bitcoin mining rigs within the southern area of the nation. The GNB is without doubt one of the largest divisions of the National 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 National Superintendency of Crypto Assets and Related Activities (Sunacrip), the crypto regulator appointed by the federal government of Nicolas Maduro chargeable for registering miners.

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According to 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 have been additionally seized because of a scarcity of correct registration papers.

Miners Warn of Illegal Seizures and Extortion

Officially, the Venezuelan authorities has legalized cryptocurrency mining, requiring miners to register and procure crypto mining certificates. However, cryptocurrency miners within the nation have repeatedly mentioned that mining gear has been illegally seized and miners have been extorted by the police. A variety of crypto miners informed Criptonoticias that “mining cryptocurrencies in Venezuela has grow 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 embody extortion funds and losses from their gear being confiscated. Despite crypto mining being a authorized exercise, he added that it “is carried out clandestinely and that inherent prices of migrating the complete operation to a different location must be thought of, as soon as it’s detected by the authorities.”

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What do you concentrate on how Venezuela treats crypto miners? Let us know within the feedback part beneath.

The publish Venezuela Seizes 315 Bitcoin Mining Rigs: Miners Discuss Illegal Confiscation, Police Extortion appeared first on Bitcoin News.

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