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Venezuela Bans Crypto Mining to Protect Power Grid

Venezuela has announced an immediate ban on cryptocurrency mining. The decision, revealed by the Ministry of Electricity, aims to address the significant strain that crypto mining has placed on the country’s already fragile energy infrastructure.

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Venezuela has announced an immediate ban on cryptocurrency mining. The decision, revealed by the Ministry of Electricity, aims to address the significant strain that crypto mining has placed on the country’s already fragile energy infrastructure.

The Venezuelan government cited growing concerns over the excessive energy consumption and resulting instability caused by crypto mining operations. These activities, which require substantial computational power, have been blamed for frequent blackouts and power shortages in various regions of the country.

The Ministry of Electricity emphasized that the ban is a necessary step to ensure a stable and reliable power supply for all citizens. “Protecting the integrity of our national grid is paramount,” stated an official from the ministry. “The energy-intensive nature of cryptocurrency mining operations has posed a serious threat to our ability to provide consistent electrical service.”

Crypto mining has surged in popularity in Venezuela in recent years, largely driven by the country’s low electricity costs and the desire to hedge against hyperinflation of the national currency, the bolívar. However, the uncontrolled growth of mining activities has exacerbated the challenges faced by the nation’s energy sector.

The ban is expected to be enforced through strict regulatory measures and increased monitoring of energy usage patterns. Authorities have pledged to take decisive action against illegal mining operations and to penalize those found in violation of the new regulations.

This move is the latest in a series of steps by the Venezuelan government to regulate the cryptocurrency industry. While the country has previously promoted the use of its state-backed cryptocurrency, the Petro, the current focus is on mitigating the adverse impacts of private crypto mining on the power grid.

The ban has sparked mixed reactions within the local crypto community. Some miners express concern over the sudden disruption to their operations and livelihoods, while others acknowledge the need for measures to stabilize the national power supply.

In summary, Venezuela’s ban on cryptocurrency mining reflects the government’s urgent efforts to protect its power grid from further strain. As authorities implement these new regulations, the future of crypto mining in the country remains uncertain, with significant implications for the broader energy and economic landscape.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Business

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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