Tag: Paraguay

Paraguay Warns About Growth of Illegal Bitcoin Mining Operations and Effect on Power Stability of the Country – Mining Bitcoin News

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The growth of illegal bitcoin mining operations could affect the stability of the power system in Paraguay, according to statements from the National Power Administration. The boom the country is experiencing is taking its toll on the power system, with many miners plugging in illegally and consuming high amounts of power without making payments. Paraguay Underground Mining Operations Grow Paraguay’s popularity as a country with cheap power tariffs for bitcoin mining is hurting the electric grid and might work against the stability of the power system in the country. ANDE,…

Bitcoin Miner Pow.re Begins Mining Facility Construction in Paraguay, Acquires 3,600 Microbt ASICs – Mining Bitcoin News

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According to the crypto mining operation Pow.re Holdings Limited, the firm announced that it has begun construction of two new mining facilities in Asunción, Paraguay. The new data centers will manage 12 megawatts (MW) of hydroelectric power, and the firm has also acquired 3,600 Microbt Whatsminer mining rigs that produce roughly 396 petahash per second (PH/s) of hashrate. Pow.re Holdings Limited Commences Mining Facility Construction in Paraguay On October 13, Pow.re revealed that the company has commenced the construction of two new bitcoin mining facilities in Paraguay. The first site…

President of Paraguay Mario Abdo Vetoes Cryptocurrency Bill – Regulation Bitcoin News

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The President of Paraguay, Mario Abdo has issued an executive veto on a recently approved cryptocurrency bill. Abdo’s veto decree states cryptocurrency mining is an “energy-intensive” and a low-value-added activity. The bill will now be returned to Congress to be approved again or to be rejected entirely. President of Paraguay Considers Cryptocurrency Mining an Energy Intensive Activity The President of Paraguay, Mario Abdo, has exerted an executive veto on the recently approved cryptocurrency bill, after more than a year of discussions in the Paraguayan Congress. The project, which…

President of Paraguay vetoes crypto regulation law

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Paraguay’s president, Mario Abdo Benítez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity on Monday. He reasoned that mining’s high electricity consumption could hinder the expansion of a sustainable national industry.  The decree stated that crypto mining uses intensive capital with low manpower usage, and therefore would not generate added value on par with other industrial activities. Around the world, cryptocurrency is one of the largest job creators. The LinkedIn’s Economic Graph shows that crypto and blockchain jobs listing rose 615% in 2021 compared to…

National Power Administration Will Propose a Special Cryptocurrency Mining Fee in Paraguay – Regulation Bitcoin News

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The National Power Administration of Paraguay has proposed to set a special mining fee for cryptocurrency mining operations in a decree project directed to the national economic team. Due to the immense losses the organization has faced, it has stopped supplying energy to some mining operations that were evading the payment of power bills, being illegally connected to the grid. National Power Administration to Change Power Billing Structure for Mining Operations in Paraguay The National Power Administration is proposing a new way of charging cryptocurrency companies for the…

Paraguay paves the way for crypto regulation despite internal opposition

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Paraguay is viewed by many as a potential hot spot for cryptocurrency adoption due to low electricity costs and relatively soft taxation. The government has recognized this opportunity by pushing forward new legislation around digital assets.  On May 25, a bill that regulates cryptocurrency trading, mining and custody was approved by the Paraguayan Congress on a vote of 40 to 12. The bill must now be ratified by the Senate in order to finally reach President Mario Abdo Benítez. Aprueban con modificaciones proyecto que regula la industria y comercialización de…

Chamber of Representatives in Paraguay Advances Crypto Bill – Regulation Bitcoin News

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Cryptocurrency regulation in Paraguay is progressing steadily, as a crypto bill introduced in December has been approved by the Chamber of Representatives in the country. The bill, which contains definitions and rules for cryptocurrency mining, one of the hot topics in Paraguay due to the cheap electricity costs, will be passed to the Senate to be discussed. Paraguay Advances Crypto Bill Latam countries are taking cryptocurrencies in a more serious light, and are now working to approve cryptocurrency legal frameworks. This is the case of Paraguay, a country…

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