Bitcoin

Paraguay has reached a significant milestone in its crackdown on illegal Bitcoin mining, matching Venezuela's tally of seized mining rigs. According to Criptonoticias, Paraguayan authorities have confiscated over 10,000 ASIC miners this year from illegal operators, according to <a href="https://cryptonews.com/news/paraguay-hits-new-milestone-in-illegal-bitcoin-mining-crackdown.htm" rel="noopener noreferrer nofollow">Cryptonews</a>.
The National <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">Electricity</a> Administration (ANDE) has conducted more than 70 raids on suspected Bitcoin mining farms in Paraguay. This aggressive approach aims to stabilize the country's power grids, many of which are at risk of overloading due to <a href="https://ultramining.com/news/en/abkhazia-intensifies-crackdown-on-illegal-crypto-mining/" rel="noopener noreferrer nofollow">illegal mining</a> activities.
The latest raid saw the Prosecutor’s Office in Ciudad del Este order the seizure of 450 ASIC rigs, which were found in storage in a warehouse in the Hernandarias district of Alto Paraná. These rigs were not connected to the local power grid, suggesting they were being stored following previous raids.
Hernandarias has become a hotspot for illegal Bitcoin mining, with 20 criminal cases filed in the district this year. Bitcoin mining is a contentious issue in Paraguay, a country known for its abundant hydroelectric power. Advocates argue that mining could significantly benefit the Paraguayan economy. Currently, the nation gives away or sells its surplus power at discounted rates to neighboring countries.
A newly formed group of industrial players has criticized new energy rates for miners, warning that these could "kill off" the sector. They claim that shutting down the BTC mining industry would cost Paraguay $1.5 billion and jeopardize hundreds of jobs.
The ongoing crackdown highlights the government's efforts to regulate the burgeoning crypto mining industry while balancing economic benefits and power grid stability.

Illegal Bitcoin Mining in Paraguay: 10,000 Rigs Seized in Major Crackdown

Ultramining_Eng

Outros artigos publicados em 23 de jul. de 2024

140 Million XRP Acquired by Mega Whales in Bullish Rush: Details

Bitcoin To $100K? Top Trader Sees Consolidation First, Marks 'Key Levels And Triggers For Buying ...

ETH Not a Security: SEC Implicitly Confirms with Approval of Spot Ether ETFs

Exploring Moon Mouse: The Stellar Mouse of the Solana Network

dYdX website compromised following news of sale

Bitcoin Drops Below $67K as Mt. Gox Moves $3.2B BTC

Join our free newsletter for daily crypto updates!