Venezuela Bans Crypto Mining Nationwide as China Nears Russia's #2 Spot

Venezuela enacted a nationwide crypto mining ban on May 7, 2026, after electricity demand hit a 9-year high of 15,579 MW, targeting subsidized power abuse by miners amid structural grid issues. This regulatory move parallels a stalling Russian mining sector (13-17% global hashrate, ~175 EH/s), hampered by $0.06/kWh costs (vs. global $0.03-0.04/kWh), bans in 10+ regions targeting 50,000 miners, and unprofitability without BTC >$80,000. The US leads at ~37.5% (~400 EH/s), while China's underground operations recover post-Q1 crackdowns (-20 EH/s), positioning it to overtake Russia for second place.