Paraguay raises electricity prices for cryptocurrency mining by 14%, drawing criticism from industry insiders and lawmakers

The Paraguayan National Electricity Administration (ANDE) has increased electricity rates for cryptocurrency mining operators by 14%, affecting the profitability of such companies. The lack of clarity in the sector has already led to the withdrawal of a company that planned to invest more than $400 million in Paraguay. The move immediately sparked a backlash from industry insiders and Bitcoin supporters, with politicians and elected senators also criticizing the move. Senator Salyn Buzarquis severely criticized the measure, arguing that it reflects identity issues and contradictions within the Paraguayan government and could affect future investments in the sector. Buzarquis stressed that the move is not fair given the huge amounts of money these companies have already invested in Paraguay. (Bitcoin.com)