Bitcoin

A recent report presented to the Paraguayan Congress has revealed the low employment impact of the country's Bitcoin mining sector. According to data from the Social Care Institute (IPS), the entire industry has generated only 383 direct jobs. Notably, 66% of Bitcoin mining companies in Paraguay report zero workers, contributing nothing to the social security system, according to <a href="https://news.bitcoin.com/report-paraguayan-bitcoin-mining-industry-provides-fewer-than-400-jobs/">Bitcoin.com</a>. 
The report raises concerns about the operational legality of these companies, suggesting that many may be employing third-party services instead of direct employees. Even among the 20 companies contributing to IPS, job creation remains minimal, with just 1.58 jobs per megawatt (MW) of power used. Additionally, nearly half of the companies contribute less than 1% of their electricity costs to social care, further highlighting the sector's limited economic benefits to the country. 
The findings call for stricter measures, particularly for large-scale mining operations, to ensure more significant contributions to social welfare. The report echoes concerns previously raised by former President Mario Abdo, who vetoed a bill to legalize cryptocurrency mining in 2022, citing the industry's high energy consumption and low employment generation.

Report Highlights Employment Challenges in Paraguayan Bitcoin Mining Industry

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