Venezuela Reaffirms Nationwide Ban on Cryptocurrency Mining Amid Energy Crisis

Venezuela has reiterated its nationwide ban on cryptocurrency mining in response to the ongoing energy crisis. According to ChainCatcher, the country's national power system has reached a peak demand of 15,579 megawatts, marking the highest level in nine years. This surge in electricity usage is attributed to a persistent heatwave and the country's economic growth. The government has emphasized the 'absolute prohibition of digital mining nationwide,' warning that violators will face legal consequences. Authorities have also developed a monitoring plan to enforce this ban.