Bitcoin

The Bitcoin <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">mining industry</a> in <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/">Paraguay</a> is facing significant challenges following the National <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">Electricity</a> Administration's (ANDE) crackdown on <a href="https://ultramining.com/news/en/abkhazia-intensifies-crackdown-on-illegal-crypto-mining/">illegal mining</a> operations. According to Odaily, several illegal Bitcoin mines have been shut down, prompting responses from industry stakeholders, according to <a href="https://www.odaily.com">Odaily</a>. 
Bruno Vaccotti, the public affairs director at Bitcoin mining company Penguin, highlighted the existence of three 'vulture contracts' that have impeded the development of legal Bitcoin mining operations in Paraguay. In a recent radio interview, Vaccotti acknowledged that illegal mining activities have indeed hurt ANDE's revenue. However, he criticized the agency's statements regarding Bitcoin mining, asserting that Penguin alone pays $850,000 in electricity bills monthly, which constitutes nearly half of the $2 million loss ANDE attributed to illegal mining. 
The 'vulture contracts' refer to agreements ANDE has signed with undisclosed Bitcoin mining third parties. These contracts have impacted the power supply available for new mining operations, causing substantial losses to the country. Vaccotti explained that these agreements, often signed by foreign investors seeking speculation, involve large amounts of energy. The energy allocated to these speculative ventures prevents legitimate Bitcoin mining investors from utilizing it effectively, thus hampering the industry's growth. 
Vaccotti emphasized that the impact of these contracts could be more detrimental to Paraguay's Bitcoin mining industry than the illegal activities ANDE is targeting. He called for a reassessment of these agreements to ensure that the country's energy resources are used to support legitimate and productive mining operations.

Paraguay’s Bitcoin Mining Industry Faces Challenges Amid Shutdown of Illegal Mines

Ultramining_Eng

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