Bitcoin Mining in Turmoil: Venezuela Seizes Over 11,000 Miners, Paraguay Cracks Down

Latin America saw a surge in crypto-related activity this week, but not all of it was welcome news for miners. Venezuelan authorities seized over 11,000 Bitcoin miners in an effort to combat the country’s energy crisis. 

Citing the strain miners put on the national grid, officials disconnected mining farms and confiscated equipment. Paraguay also took action against illegal mining operations, seizing over 550 miners that were stealing power from the grid.

Meanwhile, Brazil’s Central Bank is pushing forward with cryptocurrency regulations. They aim to finalize rules for virtual asset service providers and stablecoins by the end of the year. This three-phase plan includes consultations with the public and internal planning for stablecoin regulations. By establishing clear guidelines, Brazil hopes to provide a stable and legal environment for the crypto industry.

Clever Robot News Desk 28^th May 2024