Venezuela State-Licensed Crypto Mining Requirements: What You Must Know in 2025
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What You Need to Know About Legal Crypto Mining in Venezuela Right Now
If you're thinking about mining cryptocurrency in Venezuela, you're not just setting up hardware-you're stepping into one of the most tightly controlled crypto systems on Earth. Unlike other countries where mining is open or lightly regulated, Venezuela forces every miner to work under the government’s thumb. The state doesn’t just collect taxes-it owns the output. And if you try to mine outside their system? Your equipment gets seized. Your bank account could be frozen. You could face legal trouble.
This isn’t theoretical. Since 2020, Venezuela has required all miners to join the National Digital Mining Pool, a government-run system that takes direct control of mining rewards. There’s no option to opt out. No anonymity. No decentralization. Just compliance-or consequences.
The Only Legal Path: SUNACRIP Licensing
To mine legally in Venezuela, you must get a license from SUNACRIP-the National Superintendency of Crypto Assets and Related Activities. This agency, created in 2018 and reorganized in March 2024 after a major corruption scandal, is the only body that can issue mining permits. You can’t just plug in your rigs and start hashing. You need paperwork.
The application process isn’t quick. It takes between three and six months. You’ll need:
- A registered business entity in Venezuela
- Detailed technical specs of your mining equipment
- Proof of electricity access and power capacity
- Financial projections showing how you’ll cover costs
- Proof of compliance with AML/KYC rules
Even if you’re a solo miner, you must register as a legal business. There’s no personal mining license. If you’re importing mining hardware, you need a separate import permit-vetted and approved by Venezuelan customs. Many report delays of months, sudden fee hikes, and arbitrary requests for additional documents.
The National Digital Mining Pool: No Choice, No Control
Here’s the catch: Even after you get your license, you don’t get to keep control of your rewards. Every legal miner in Venezuela must connect to the National Digital Mining Pool. This isn’t just a recommendation. It’s the law.
The pool aggregates all mining output from every licensed miner in the country. The government then distributes payouts based on your contribution-but they decide when, how much, and if you get paid at all. There are no public algorithms. No transparency. Miners on Venezuelan forums report payment delays of three to eight months, with no explanation. Some say their payouts were frozen without warning, then restored weeks later.
Why does the government do this? Because they want to tax every bitcoin, every ether, every altcoin you mine. By controlling the pool, they can track every hash, every reward, every transaction. They don’t need to audit you-they already see your earnings in real time.
Taxes: You’re Paying Up-No Matter What
Once you’re in the system, the tax bills start rolling in. Venezuela doesn’t have a dedicated crypto tax law. Instead, they use existing laws and stretch them to fit.
- IGTF (Large Financial Transactions Tax): Up to 20% on any crypto transaction not done in bolívares or the Petro. This hits when you sell, trade, or convert your mined coins.
- ISLR (Income Tax): Applied to profits from mining. If you sell your Bitcoin for cash or goods, that profit is taxable income.
- VAT (Value-Added Tax): 16% on exchange fees or services related to crypto, even if the trade itself isn’t taxed.
The tax authority, SENIAT, is ramping up enforcement in 2025. They’re using KYC data from exchanges and blockchain analysis tools to track unreported mining income. If you’re mining legally, you’re on their radar. If you’re mining illegally? They’re coming for your hardware.
Record Keeping: 10 Years of Paperwork
Most countries ask for a few years of records. Venezuela wants ten.
Every miner must maintain detailed logs of:
- Equipment used (model, serial number, power draw)
- Hours of operation
- Energy consumption (in kWh)
- Every reward received (date, amount, coin type)
- Every payout from the National Pool
- Every tax payment made
These records must be stored digitally and physically. Failure to produce them during an audit can lead to license revocation, fines, or even criminal charges. For small miners with just a few rigs, this is a nightmare. It’s not just time-it’s cost. You need accounting software, backup systems, and possibly a local bookkeeper who understands crypto.
Why This System Is Broken
Let’s be clear: Venezuela’s crypto mining model contradicts everything Bitcoin was built for. Decentralization? Gone. Financial sovereignty? Erased. Trustless systems? Replaced with a state-run ledger.
The 2023 corruption scandal that shut down SUNACRIP exposed deeper problems. Over $3 million in crypto assets were allegedly stolen by officials. The agency was suspended for over a year. When it came back in 2024, it was restructured-but no one knows if it’s truly clean.
International observers call it a mining tax farm. The government doesn’t care if you make money. They care that you pay them. And they’ve built a system where they can pause your income at any moment, without warning, without appeal.
Miners who tried to operate outside the system have had their equipment confiscated. Some have been fined thousands of dollars. Others disappeared from online forums after sudden raids.
Is It Worth It?
Electricity in Venezuela is cheap-sometimes free for state-approved operations. That’s the only real advantage.
But here’s what you lose:
- Control over your earnings
- Privacy
- Speed of payout
- Legal certainty
- Trust in the system
Most miners who stay in the system do so because they have no other choice. The bolívar is still collapsing. Inflation hit 1,000,000% in 2019. Crypto is the only way many survive. But survival doesn’t mean security.
If you’re a foreign company considering mining in Venezuela, walk away. The risks outweigh the rewards. The regulatory environment is unstable. The legal framework is arbitrary. The political situation is volatile. And the government has shown it will change the rules overnight.
If you’re a local miner? You’re not just mining crypto. You’re navigating a minefield.
What’s Next in 2025?
Expect tighter enforcement. SENIAT and SUNACRIP are rolling out new blockchain tracking tools. They’re linking exchange accounts to mining IDs. They’re cross-referencing bank transactions with mining payouts.
Private sector input is now allowed through CAVEMCRIP, a new industry group. But it’s unclear how much influence they really have. The government still holds all the power.
There’s no sign of deregulation. No movement toward decentralization. The state isn’t trying to attract innovation-it’s trying to extract value.
By the end of 2025, the only legal miners in Venezuela will be those who accept total state control. Everyone else will be operating illegally-and risking everything.
Can I mine crypto in Venezuela without a license?
No. Mining without a SUNACRIP license is illegal. The government actively monitors for unlicensed operations. If caught, your mining equipment will be confiscated, your bank accounts may be frozen, and you could face fines or criminal charges. There is no gray area.
How long does it take to get a mining license in Venezuela?
The licensing process typically takes 3 to 6 months. You must first register a business, then submit detailed technical and financial documents to SUNACRIP. Delays are common due to bureaucracy, staffing shortages, and changing requirements. Many applicants report being asked for additional paperwork multiple times.
Do I have to use the National Digital Mining Pool?
Yes. All licensed miners are legally required to connect to the National Digital Mining Pool. This is non-negotiable. The pool controls all mining rewards, determines payouts, and reports earnings directly to tax authorities. You cannot mine independently and remain legal.
What taxes do I pay on crypto mining in Venezuela?
You pay three main taxes: (1) IGTF-up to 20% on crypto transactions not in bolívares or Petro; (2) ISLR-income tax on mining profits; and (3) VAT-16% on exchange or service fees. There’s no separate crypto tax law, so SENIAT applies existing income and transaction tax rules. Record-keeping is critical to prove your costs and reduce taxable income.
Is Venezuela’s crypto mining system stable?
No. SUNACRIP was suspended in March 2023 due to corruption scandals and only resumed operations after reorganization in March 2024. Enforcement is inconsistent. Rules change without notice. Payment delays are common. The system is politically driven, not economically rational. It’s high-risk and unpredictable.
Can foreign companies legally mine crypto in Venezuela?
Technically, yes-if they register a local business and comply fully. But practically, no. The political climate, risk of asset seizure, lack of legal protections, and unstable infrastructure make it extremely risky. Most international firms avoid Venezuela entirely. The potential rewards don’t justify the exposure.
What happens if I don’t keep 10 years of mining records?
Failure to maintain the required 10-year records can lead to license suspension or revocation. You may be fined, audited, or charged with tax evasion. SUNACRIP and SENIAT conduct random audits, and incomplete records are treated as evidence of non-compliance. Digital backups alone are not enough-you must also have physical copies available upon request.