Bitcoin miners from the area of Carabobo, Venezuela is sitting idle for two days as their power supply was suspended by the respective power authorities in the region. Venezuelan crypto regulator, Sunacrip, took the responsibility in its hands for reinstatement of their power supplies after meeting with the regional authorities. The authorities have now agreed to reinstate miners’ power supply within a period of the next 48 hours.
Two days ago, Venezuelan Bitcoin miners, particularly from the area of Carabobo, were forced to halt their mining operations. It was reported that the power authorities within the region suspended the power supply going from the main grid to the miners. It was found out that because there was an acute shortage of power, the regional authorities were forced to cut their power supply. Resultantly, none of the miners were able to resume their mining operations because there was no electricity.
The status of miners in Venezuela is legal and they are duly registered with the respective authority i.e. Sunacrip. Against their registrations, the Venezuelan Government through Sunacrip has obtained huge amounts of money for issuing licenses. Therefore, cutting off their electricity source without any rationale is an act that can be taken to the Courts. When the miners asked the authority why such a drastic step was taken against them, they were told that there was a shortage of electricity. They then wanted to hold a protest against the Government’s initiative, however, they were stopped by Suncrip’s timely intervention.
Sunacrip immediately heard the complaints of the miners and then promised them that it will try and resolve the issue amicably. A person hearing was offered to the miners by Sunacrip on Wednesday, 11th August 2021. In this meeting, Joselit Ramirez, who is the Crypto Assets of Venezuela’s Superintendent, was also present. Sunacrip proposed to engage in dialogue with the regional authorities for reinstatement of miners’ power supply. Meanwhile, Ramirez also gave his personal guarantee that he will make sure that the miners’ mining operations are restored within 48 hours.
During the meeting, Sunacrip also commented that the mining industry is one of the instrumental industries of the country. The miners are running their facilities in an area that has been specifically designed for such type commercial activities. Sunacrip further suggested that the mining operations of the miners are not harming the power grid or the energy consumption. Instead, the miners have been contributing to the development of energy sources by paying extra amounts to the authorities.
It is now expected that the mining operations in the area of Carabobo will be restored within a period of the next 48 hours. However, there are rumors as well which suggest that the power suspension was not done on the basis that there was a power shortage. There is also no official statement from the regional authority disclosing the real reason.