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Crypto Mining

Venezuelan Guards Seize 76 Bitcoin Mining Rigs Due to ‘Inconsistencies’ in Transport Documents

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The Bolivarian National Guard of Venezuela (GNB) is known for having a tough stance against crypto mining rig counterfeits, as several operations have been assigned to combat the issues over the last few months. This time, the Venezuelan authorities seized 76 mining rigs after allegedly detecting inconsistencies in the transport documentation.

Rigs Are Presumably ASIC Miners

According to a press note published by the GNB, the procedure took place in a checkpoint on the Bolivar state, specifically in the Puente Angostura.

An individual transported the bitcoin (BTC) mining equipment on a Ford vehicle Triton, and he was stopped by the military units in a routine check procedure, stated the authorities.

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However, the Bolivarian National Guard detected some “inconsistences in the documentation” required to transport the crypto mining rigs legally.

Members of the military then proceeded to seize the 76 pieces of bitcoin mining equipment, as they suspected the documentation didn’t comply with the requirements for circulation, ownership, and operation of the bitcoin mining rigs.

Although the GNB didn’t specify which type of mining hardware models were seized, it’s presumed that all are ASIC miners within racks because of the photo published in the press note.

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Moreover, the picture seems to show a bigger rig than the one reported in the GNB’s announcement, as each rack counted has availability to host up to six miners.

Crypto Mining Is Legal in Venezuela

Venezuela legalized bitcoin mining last year following the decree issued by the National Superintendency of Crypto Assets and Related Activities (Sunacrip).

As part of the new regulations, all entities and individuals interested in legally mining bitcoin and other cryptocurrencies must now apply for a license from the agency.

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The decree resulted in creating a National Digital Mining Pool (NDMP), a body that “seeks to bring together all the miners operating on the Venezuelan territory.”

However, restrictions still apply for some crypto mining activities. The Venezuelan government banned mining operations in any low-income neighborhood with subsidized housing.

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Crypto Mining

Crypto mining ban expands to Hebei Province

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 China has taken over 90 percent of crypto mining farms since 2020.
The China government advances with developing the Yuancoin.

While decentralized currencies are accepted in various countries of the world, it seems China’s regulatory policies will continue to remain in place and eve was stronger, especially with crypto mining. The national authority clarified that its stance towards crypto-mining has not changed, so it is still prohibited.

Since Tuesday, as reported by local media, a technology agency in Hebei, a province in China, has been working with regulators to expose offenders. The agency will search everywhere for possible crypto mining farms that operate in the country’s interior.

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Regulations against crypto mining return to Chinese provinces

Since last year, long before the Bitcoin price hit its all-time high, the Chinese government has sought to ban the crypto market. The authorities regulated decentralized trading platforms, and then they were destroying every farm dedicated to crypto mining. The bans began with Beijing, the capital city, and then spread to remote provinces of China, such as Hebei.

The security and technology agency within the province in China must inform regulators at the end of the month that no crypto-mining farms operate. These agents have a great job to solve because they have to look at which areas consume the most energy because a BTC farm may be located there.

According to regulators in China, crypto mining is dangerous because it consumes a lot of energy. The authority also supports their actions by saying that the cryptocurrencies mining affects the “0 Carbon” plan they want to complete in 2021.

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Crypto miners seek a new country to work in

Crypto mining in China has had tough weeks as regulators have tried to shut down farms without concrete vision. Due to these regulatory operations, the Bitcoin price dropped in May, losing over 50 percent of its capital.

The companies dedicated to this cryptocurrency mining work in China have had to close their doors and sell the machines to avoid losing a lot of money on the investment. However, other crypto-mining companies moved their operations to other countries in Asia.

The most famous crypto mining companies in China such as Houbi, HashCow, and BTC.TOP was the first to disappear after the announcement by regulators in May. Other exchanges offering various crypto services within the country also had to cease operations because of the crackdowns.

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There are practically no crypto-mining farms in China, allowing the popular government to experiment with the virtual market. Everything indicates that the regulators achieved their mission of running to the competition to tackle the crypto ecosystem under their own rules. In June, the China government announced that it would launch the YuanCoin, a stablecoin backed by blockchain technology.

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Crypto mining demand soars in Vietnam amid Bitcoin rally

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The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, where Bitcoin (BTC) has surged above $51,000 for the first time since May.

Crypto-related entrepreneurs and enthusiasts in Vietnam have witnessed a significant uptick in demand for crypto mining rigs in the country, local news agency VnExpress reported on Monday.

Quang Thuan, owner of a chain store selling cryptocurrency miners across Ho Chi Minh City, said that the company’s sales have tripled in early September over the previous month. He noted that the mining rig market in Vietnam was down before Bitcoin surged back above $50,000 in mid-August.

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The rising demand has triggered notable growth in crypto miners’ prices as some devices are now priced at 5 million Vietnamese dongs ($220) higher than in mid-August, according to local crypto mining enthusiast Ngoc Van. The best-selling miners based on graphics processing units produced by AMD or Nvidia now reportedly cost between $3,500 and $4,400, he added.

According to Le Hung, the administrator of a local crypto mining community with nearly 80,000 members, the crypto mining market in Vietnam has heated up due to the renewed crypto rally and the ongoing COVID-19 pandemic. “First, Bitcoin, Ether and other cryptocurrencies have simultaneously seen price hikes, and miners have started to make profits. Second, the pandemic has prolonged, reducing investment options, and so more people have opted for coin mining,” he said.

The Vietnamese government has maintained a skeptical stance on the cryptocurrency industry, with the Ministry of Finance warning the public earlier this year that crypto is unregulated in the country. After banning cryptocurrency as a means of payment back in 2018, Vietnamese authorities have been urging the population to avoid crypto.

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Despite hesitation from the government, Vietnam had the highest cryptocurrency adoption rate in August among 26 other countries. The country previously ranked 13th in realized Bitcoin gains for 2020 despite having only the 53rd largest economy based on gross domestic product

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Illegal crypto mining not the cause of power shortages in Iran, ministry says

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Iran’s Ministry of Industry, Mine and Trade reportedly dismissed claims by leading power company Tavanir that blamed illegal cryptocurrency miners for the ongoing power shortages in the country.

According to a report by the Financial Tribune, Alireza Hadi, the ministry’s director of investment and planning, said that the figures announced by Tavanir “seem to be highly exaggerated.” Hadi questioned Tavanir’s claims that illegal mining activities consume 2,000 megawatts of power. “This amount would equal power used by 3 million pieces of hardware,” he said.

While mining cryptocurrency has been legalized by the Iranian government, Tavanir blames unregistered miners for nationwide power shortages. In August 2021, Tavanir spokesperson Rajabi Mashhadi said:

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“Unauthorized miners are the main culprits behind the power outages in recent months. We would have had 80% less blackouts if miners had halted their activities.”

Tavanir also claims to have shut down operations for over 5,000 mining farms in addition to confiscating 213,000 unauthorized mining hardware that was capable of consuming 850 megawatts.

To date, Iran’s Ministry of Industry, Mine and Trade has authorized 56 mining farms that collectively consume 400 megawatts, according to Tanavir’s estimate. In 2020, the ministry authorized and registered 126,000 pieces of mining equipment, which consumed 195 megawatts when running at full capacity.

Last year, whistleblowers helped Tavanir close down 1,100 crypto mining farms that allegedly did not have proper licenses.

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Iranian citizens who help the authorities track down illegal miners were awarded 100 million rials ($480) as a bounty. Although Iran has approved registered businesses to conduct mining operations, authorities had warned crypto miners to register their business and equipment before the end of 2020.

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