Note: This article was modified, as it cited an interview with the regional director of Sunacrip, which did not take place. In this sense, the editions corresponding to the content were carried out by CriptoTendencia to update it and avoid that it can lend itself to interpretations outside the objective of the portal, which is to inform. The author, by the same means, apologizes for this misunderstanding and exempts the said official and Sunacrip from responsibility for the opinions previously issued.

According to current regulations, in Venezuela Bitcoin mining is a right for any citizen willing to undertake. Previously, the activity was penalized. However, it is currently in legal status.

The National Superintendence of Cryptoassets and Related Activities (Sunacrip), is the regulatory body of mining activity in the South American country. It was created with the purpose of harmonizing the digital mining industry with the energy capacities of that nation.

Cryptocurrency mining, as already highlighted, is legal in Venezuela since 2018. Low energy costs have allowed the country to quickly enter the top 10 nations with the most hashing power. However, there are still many miners who have not caught up.

Are there any guarantees for the Bitcoin mining business in Venezuela?

In Venezuela, Bitcoin mining is a right for anyone who wants to invest in it. However, the situation of illegality of a large part of the miners complicates the panorama.

In that regard, duly registered miners are taking the initiative to promote the legalization of their colleagues. Legality is a difficult step to take, considering that mining was penalized for many years in the country. The feeling of secrecy remains dormant, but legalization is the only possible way to strengthen the business.

The state does not practice persecution against miners, on the contrary, it wants them to continue mining, but in accordance with the legal framework. Many miners have equipment in residential or commercial areas. This negatively affects your environment, which is why Bitcoin mining is not allowed in such areas.

Mining illegally harms the miner and his environment

A mining farm in clandestine conditions, in legal terms, means that its owners are steal a service that belongs to the nation.

Despite this, the State invites the miners to come out of hiding so that in the future they will not be punished by justice.

It should be noted that an illegal miner causes problems in your environment for various reasons. For example, it is likely that 3 or 4 machines in a house, can collapse the transformer not designed for industrial activities. This is one of the many negative consequences of illegality.

Miners, law enforcement, and mining authority Sunacrip met on Friday to define steps toward legalizing Bitcoin mining farms in Venezuela. Source: CT
Miners, law enforcement, and mining authority Sunacrip met on Friday to define steps toward legalizing Bitcoin mining farms in Venezuela. Source: Crypto Trend

Streamlining the process

The pandemic conditions and the fuel shortage crisis in Venezuela are a difficult obstacle for miners to overcome. This has meant an obstacle for many owners of Bitcoin mining farms to be able to consign their documents.

To solve this, Sunacrip recently opened an office in the center of the country, which will bring the possibility of processing closer to the center of the country.

Sunacrip also holds working meetings with miners and police every Friday. The objective of the same, is to give greater stability to the business. At the same time, it works closely with the State electricity Company (Corpoelec).

This Friday, for example, an important meeting was held in the city of Valencia, in which support for miners in the process of legalization was planned.