2024

Bitcoin

April

In a significant shift from its previously proposed blanket ban on Bitcoin mining, <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/" rel="noopener noreferrer nofollow">Paraguay</a> is now exploring the possibility of selling surplus energy from its Itaipu hydropower plant to <a href="https://ultramining.com/news/en/cryptocurrency-miners-strike-gold-with-record-13-9b-net-profit/" rel="noopener noreferrer nofollow">cryptocurrency miners</a>. This reconsideration comes amid debates on the implications of Bitcoin mining for the country's energy supply and economy, with a public hearing scheduled for April 23 to discuss the matter further, according to <a href="https://cointelegraph.com/news/paraguay-pauses-progress-bitcoin-mining-ban-bill" rel="noopener noreferrer nofollow">Cointelegraph</a>.
Lawmakers had initially sought to impose a temporary ban on Bitcoin mining, citing illegal operations that jeopardized the nation's <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> supply. However, the potential economic benefits of engaging with licensed cryptocurrency miners have prompted a reassessment. Senator Lilian Samaniego's announcement in the Senate session on April 10 marks a pivotal moment in this ongoing debate.
Senator Salyn Buzarquis has been a vocal advocate for leveraging Paraguay's excess energy <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> to foster local and foreign investment in the sector. With 45 licensed miners projected to generate significant revenue for the National Electricity Administration (ANDE) by 2024 and 2025, the proposal aims to capitalize on this opportunity to bolster the country's electricity infrastructure and financial health.
By selling energy to <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> at competitive rates, ANDE could potentially achieve a 45% net profit margin, translating into substantial annual earnings and value-added tax contributions to the treasury. This approach not only addresses the financial stability of ANDE but also positions Paraguay as a strategic player in the global cryptocurrency mining landscape.

Paraguay Ponders Bitcoin Mining U-Turn, Eyes Energy Sales to Miners

Ultramining_Eng

Other articles published on Apr 11, 2024

Chainlink (LINK) Launches New Bridging Tool ‘Transporter’, Will LINK Soar?

Donk.Meme Launches Presale As The Solana Meme Project Readies For Raydium Listing

Elite Crypto Analyst Shares Early Runes With 1000x Potential

"Rich Dad, Poor Dad" Author: Bitcoin (BTC) Price Will Reach $2.3 Million

UNI Plummets 16% On SEC Lawsuit Plan As Uniswap Vows To Fight

Google Photos Expands AI Editing Toolkit to iPhones, Bringing Sharper, Enhanced Photos

Join our free newsletter for daily crypto updates!