Ethereum

Rally

2024

Bittensor

Bitcoin

<p class="p1">The government of Paraguay is urging lawmakers to pass a bill that could impose prison sentences of up to 10 years on illegal Bitcoin (BTC) miners. Earlier this month, presidential spokesperson Paula Carro announced that the bill had been sent to parliament with a sense of urgency.</p>
<h2 class="p1" id="heavy-penalties-for-illegal-bitcoin-miners">Heavy Penalties for Illegal Bitcoin Miners</h2>
<p class="p1">Carro explained that the proposed legislation aims to “punish” <a href="https://majrresources.com/what-are-the-penalties-for-illegal-mining/" rel="noopener noreferrer nofollow">illegal mining activities with significant prison terms</a>. According to Criptonoticias, the bill also authorizes Paraguayan police and prosecutors to confiscate mining equipment from unauthorized operators. The legislation is designed to protect the state-owned National Electricity Administration (ANDE), which has been severely impacted by the theft of large amounts of energy by illegal Bitcoin mining operations.</p>
<p class="p1">The bill stipulates that courts could impose a maximum sentence of 10 years in prison for those convicted of energy theft. Additionally, it allows ANDE to request the seizure of mining rigs, which can then be sold, with the proceeds benefiting the state-run electricity provider.</p>
<h2 class="p1" id="rising-bitcoin-mining-activity-in-paraguay">Rising Bitcoin Mining Activity in Paraguay</h2>
<p class="p1">Bitcoin mining has experienced significant growth in Paraguay due to the country’s abundant hydroelectric energy resources. These resources make it an <a href="https://insidebitcoins.com/buy-cryptocurrency/buy-bitcoin" rel="noopener noreferrer nofollow">attractive location for BTC</a> miners. Despite efforts by lawmakers to regulate the industry, many miners have established illegal connections to <a href="http://www.geni.org/globalenergy/library/national_energy_grid/paraguay/index.shtml" rel="noopener noreferrer nofollow">power grids</a>, causing overloads and other problems for electricity providers.</p>
<p class="p1">In response, law enforcement agencies have intensified their efforts to combat illegal mining activities. Since the beginning of the year, police have confiscated more than 5,000 ASIC miners in various raids across the country.</p>
<h2 class="p1" id="government-crackdown-on-illegal-mining">Government Crackdown on Illegal Mining</h2>
<p class="p1">ANDE has been actively involved in 17 raids on illegal <a href="https://insidebitcoins.com/buy-cryptocurrency" rel="noopener noreferrer nofollow">Bitcoin and altcoin mining</a> operations since the start of 2024. This crackdown has spurred legislative action, with at least 14 lawmakers supporting a private member’s bill that seeks to temporarily ban Bitcoin mining until the issue of illegal operations is resolved. However, this bill has yet to clear the committee stage and may not reach a vote in the legislature.</p>
<p class="p1">Should the government’s bill be approved, it is likely that the private member’s bill will be set aside. Carro noted that the government’s bill has the support of the Public Ministry, ANDE, and the Paraguayan Judiciary. She emphasized that illegal Bitcoin mining has resulted in millions of dollars in losses for Paraguay’s power providers.</p>
<h2 class="p1" id="legislative-and-judicial-support">Legislative and Judicial Support</h2>
<p class="p1">The Paraguayan government is pushing for swift legislative action to address the challenges posed by illegal Bitcoin mining. The proposed bill reflects a coordinated effort among various government entities to mitigate the impact of unauthorized mining on the national power grid and ensure the sustainability of the country’s electricity resources.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="es" dir="ltr">El gobierno Paraguayo sigue dando batalla a los mineros ilegales de bitcoin que roban energía eléctrica. Hoy, el Poder Ejecutivo, a través de la vocera presidencial Paula Carro, anunció que enviará al Congreso dos proyectos de ley para incautar equipos y establecer penas de hasta… <a href="https://t.co/Tbt7MVKby7" rel="noopener noreferrer nofollow">pic.twitter.com/Tbt7MVKby7</a></p>
 <p>— Joaquin Morinigo 🇵🇾🏴‍☠️⚡️ (@criptoboi) <a href="https://twitter.com/criptoboi/status/1791515255572709442?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 17, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="paraguay-s-new-crypto-legislation">Paraguay’s New Crypto Legislation</h2>
<p>As we also reported, Paraguayan legislators have recently convened to vote on a bill related to crypto-assets. During this session, the bill received overwhelming support, with 40 deputies voting in favor and only 12 opposing it. The new law focuses on empowering regulators with the necessary authority to oversee firms that offer crypto services. These regulators will be responsible for issuing licenses, monitoring the activities of these firms, and ensuring they comply with established regulations.</p>
<p>Despite its crackdown on illegal mining, one of the primary motivations behind Paraguay’s move towards crypto regulation is its desire to maintain its status as a hub for foreign miners. This appeal is largely due to the country’s low electricity rates, which have been the lowest in the region for the past five years. By establishing a regulatory framework, Paraguay aims to attract and retain these mining operations.</p>
<p>The proposed bill outlines the requirements for both new and existing industrial miners wishing to operate within the country. These miners will need to obtain permits and approvals before starting their operations. Additionally, the bill addresses individuals and businesses looking to facilitate crypto services, ensuring that all players in the market adhere to the same standards.</p>
<h3 class="p1" id="wienerai-presale-a-fresh-and-humorous-crypto-investment-opportunity">WienerAI Presale: A Fresh and Humorous Crypto Investment Opportunity</h3>
<p class="p1">The <a href="https://www.insidebitcoins.com/visit/wienerai" rel="noopener noreferrer nofollow">WienerAI presale</a> marks a unique entry into the cryptocurrency market, blending humor with advanced technology, supported by a vibrant community ethos. This presale offers investors an early chance to buy WAI tokens at favorable prices, setting the stage for potential growth thanks to strong community backing.</p>
<p class="p1">Distinctive for its combination of a dog-themed meme coin with elements of artificial intelligence—humorously depicted as part sausage—WienerAI appeals to both casual enthusiasts and serious investors. The project narrative, featuring tales of a futuristic scientist, adds depth and encourages community involvement.</p>
<p class="p1">WienerAI’s success is bolstered by its dynamic community, essential for the longevity of any meme coin. This active support base not only funds the project but also boosts its market presence significantly. Furthermore, WienerAI offers lucrative financial incentives, including staking rewards with APYs exceeding 1900%, aimed at encouraging long-term holding and price stability.</p>
<p class="p1">As an ERC-20 token on the Ethereum blockchain, <a href="https://www.insidebitcoins.com/visit/wienerai" rel="noopener noreferrer nofollow">WienerAI provides a secure and flexible investment option</a>, compatible with many decentralized applications. Overall, the WienerAI presale offers an engaging opportunity for investors looking to add a uniquely themed and potentially lucrative asset to their cryptocurrency portfolios.</p>
<p style="text-align: center"><a href="https://www.insidebitcoins.com/visit/wienerai" class="su-button su-button-style-3d" style="color:#000000;background-color:#F9A602;border-color:#c88502;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px" target="_self" rel="noopener noreferrer nofollow"><span style="color:#000000;padding:0px 24px;font-size:18px;line-height:36px;border-color:#fbc14e;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px;text-shadow:none;-moz-text-shadow:none;-webkit-text-shadow:none"> <strong>Visit WienerAI Presale</strong></span></a></p>
<p><img decoding="async" class="wp-image-512871 size-large aligncenter" src="https://insidebitcoins.com/wp-content/uploads/2024/04/weinerai_sponsored-1024x614.png" alt="" width="640" height="384" srcset="https://insidebitcoins.com/wp-content/uploads/2024/04/weinerai_sponsored-1024x614.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/04/weinerai_sponsored-300x180.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/04/weinerai_sponsored-768x460.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/04/weinerai_sponsored.png 1201w" sizes="(max-width: 640px) 100vw, 640px"></p>
<p class="p1"><b>Related News</b></p>
<ul class="ul1">
 <li class="li2"><span class="s1"><a href="https://insidebitcoins.com/news/paraguay-passes-bill-seeking-to-regulate-cryptocurrencies" rel="noopener noreferrer nofollow"><span class="s2">Paraguay passes bill seeking to regulate cryptocurrencies</span></a></span></li>
 <li class="li2"><span class="s1"><a href="https://insidebitcoins.com/news/107m-breakthrough-in-bitcoin-mining-post-halving-big-price-rally-expected-for-bittensor-competitor" rel="noopener noreferrer nofollow"><span class="s2">$107M Breakthrough In Bitcoin Mining Post-Halving, Big Price Rally Expected For Bittensor Competitor</span></a></span></li>
 <li class="li2"><span class="s1"><a href="https://insidebitcoins.com/news/venezuela-bans-crypto-mining-amid-recurring-blackouts" rel="noopener noreferrer nofollow"><span class="s2">Venezuela Bans Crypto Mining Amid Recurring Blackouts</span></a></span></li>
 <li class="li2"><span class="s1"><a href="https://insidebitcoins.com/news/el-salvador-mines-bitcoin-using-volcanic-geothermal-energy" rel="noopener noreferrer nofollow"><span class="s2">El Salvador Mines Bitcoin Using Volcanic Geothermal Energy</span></a></span></li>
</ul>

Paraguay’s Proposal to Imprison Illegal Bitcoin Miners for Up to 10 Years

Table of Contents

Inside Bitcoins

Other articles published on May 30, 2024

Wall Street Embraces Bitcoin as a Lucrative Opportunity

Israel Accelerates Development of Digital Shekel with Innovative ‘Digital Shekel Challenge’

Crucial Negative Ethereum ETF Statement Made by Samson Mow, Here's His Message

Total Crypto Market Cap Primed To Surge to Over $10,000,000,000,000, Says Chainlink Co-Founder – ...

How to start making money from crypto staking with minimal investment

MoonBag Doges Dogeverse To Become The Top Crypto Presale; Is Slothana Too Slow For The Race?

Join our free newsletter for daily crypto updates!