Paraguay has reached a significant milestone in its crackdown on illegal cryptocurrency mining, equaling Venezuela in the number of seized Bitcoin (BTC) mining rigs. Paraguayan authorities have confiscated over 10,000 ASIC miners from illegal operators this year.
Hernandarias district has seen a surge in illegal mining activities, with 20 criminal cases filed this year.
To this end, Paraguay’s National Electricity Authority (ANDE) conducted more than 70 surprise inspections, resulting in the seizure of over 10,000 ASIC mining rigs.
The latest raid in Ciudad del Este led to the confiscation of 450 ASIC rigs stored in a warehouse.
The seized rigs were not connected to a power grid, indicating they were in storage. Authorities believe the equipment might be linked to a previous raid in Santa Mónica.
Former Venezuelan oil minister Tareck El Aissami was arrested on suspicion of corruption at state-owned energy company PDVSA.
Finally,Tareck El Aissami is accused of treason, appropriation of public assets, money laundering and criminal association
Former Venezuelan oil, finance ministers arrested in PDVSA corruption case, AG says https://t.co/SX3jBQ8sXPpic.twitter.com/5S6fjcFhuL
— Reuters (@Reuters) April 9, 2024Sponsored Business Content
Unlike Venezuela's focus on combating government corruption, Paraguay's crackdown aims to stabilize electrical grids at risk of overloading due to illegal mining operations.
Paraguay’s abundance of hydroelectric power has made it a hotspot for Bitcoin mining. Advocates argue that mining can significantly benefit the economy, while opponents cite concerns over grid stability.
A newly formed group of industrial players opposes the new energy rates for miners, arguing that high rates could "kill off" the sector.
The group claims that shutting down the BTC mining sector could cost Paraguay $1.5 billion and jeopardize hundreds of jobs, potentially affecting the nation's international business reputation.
Paraguay's aggressive crackdown on illegal Bitcoin mining reflects the nation's efforts to balance the benefits of leveraging its hydroelectric power for economic gain against the need to maintain grid stability and prevent illegal operations.
The outcome of this crackdown and the ongoing policy debates will shape the future of Paraguay's crypto mining industry and its economic implications.
Paraguay considers Bitcoin mining regulation to boost economic growth. Proposed bill emphasizes job creation and investment attraction, while addressing legal, environmental, and compliance concerns.
Xu LinThe proposed ban on crypto mining in Paraguay could have significant economic repercussions, highlighting the delicate balance between regulating the industry and maintaining a stable energy supply.
AlexBitcoin uses half the energy that is wasted every year in the U.S.
BeincryptoThe company is offering to move approximately 8,000 machines to Texas.
CoindeskThe bitcoin utopia dream from this part of the globe could be in jeopardy. Recent years have witnessed a regulatory ...
BitcoinistBitcoin trading and mining will now be under the crosshair of the Paraguay government. Last month, the Chamber of Deputies ...
BitcoinistDuke Energy, the second largest electric power provider in the United States, is reportedly considering bitcoin mining. According to reports, ...
BitcoinistBitcoinist“This quarter, we saw significant improvements in the energy efficiency and sustainability of Bitcoin mining, a trend that will continue,” said MicroStrategy founder and CEO Michael Saylor.
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