Venezuela Upholds Crypto Mining Ban as Power Demand Hits 9-Year Peak

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The Venezuelan government reiterated a nationwide ban on cryptocurrency mining as the country faces an energy crisis, with demand rising to record levels. Authorities attributed this peak in consumption to the economic growth and an ongoing heat wave. Venezuela Upholds Crypto Mining Ban as Power Demand Hits 9-Year Peak Key Takeaways - On May 7, peak 15,579 MW demand prompted Venezuela to reiterate bitcoin mining ban measures. - The ban impacts local miners, mirroring a 2024 Russian Energy Ministry policy that saved 300 MW. - Despite bans, reports explain that bitcoin mining offers untapped potential in harnessing stranded energy sources. Venezuela Reiterates Crypto Mining Ban, Says Illicit Mining Activities Will be Sanctioned Cryptocurrency mining, as an energy-intensive activity, keeps facing restrictions in several countries due to its impact on local energy grids. The government of Venezuela issued a statement reiterating the ongoing ban on digital mining operations, as the country faces peak energy demand, prompting power rationing measures affecting citizens. The statement stressed that on May 7, the National Electric System experienced a peak demand of 15,579 MW, the highest number in 9 years, attributing this rise to an ongoing heat wave and the continued growth of the country’s economy. Regarding crypto mining, it states that “the absolute ban on digital mining in the national territory is upheld. Those who illegally use this activity will be sanctioned as the law establishes.” Furthermore, authorities established an oversight plan to fulfill this order. The government also cited international sanctions as a factor in the difficulties of recovering and maintaining the national electric system, and called on private companies to make effective use of their self-generating capabilities to help maintain the grid’s stability. Finally, the government announced it will present a plan to recover and transform the nation’s grid. Even with these difficulties, reports indicate that Venezuela shows untapped potential for bitcoin mining, as bitcoin operations could be set near generation sources to leverage power that cannot be transmitted due to a lack of infrastructure. The measure is similar to what the Russian government has applied in regions like Siberia since 2024, which are also affected by energy shortages. In February 2025, the Russian Energy Ministry stated that these measures helped to lessen the load on the Siberian grid by more than 300 MW, making it possible to avoid restrictions. Hashrate Index: Brazil and Venezuela Show Potential to Grow Latam’s Bitcoin Mining Share Hashrate Index: Brazil and Venezuela Show Potential to Grow Latam’s Bitcoin Mining Share A new report on the state of bitcoin mining in Latam found that the region is lagging in bitcoin mining… Read NowA new report on the state of bitcoin mining in Latam found that the region is lagging in bitcoin mining…

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