Bitcoin

A newly formed association of Paraguayan <a href="https://ultramining.com/news/en/cryptocurrency-miners-strike-gold-with-record-13-9b-net-profit/">cryptocurrency miners</a> has issued a stark warning about the future of their industry. They claim that recent energy tariff increases could lead to the sector's demise. The National <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">Electricity</a> Administration (ANDE) has raised electricity costs for miners by 13% to 16%, sparking concern among industry participants, according to <a href="https://yellow.com/news/paraguayan-bitcoin-miners-warn-of-industry-collapse-due-to-new-energy-tariffs">Yellow</a>. 
The Paraguayan Chamber of Digital Asset Mining stated that the price hikes will significantly impact the bitcoin <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">mining industry</a>. They warned that this could potentially lead to the sector's disappearance in <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/">Paraguay</a>, impacting revenue, jobs, and government trust. 
Miners argue they face disproportionately high <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">energy costs</a>, up to 50% higher than other industries in Paraguay. The mining body, comprising 12 major players, formed in June to advocate for pro-business regulation. They claim Bitcoin mining generates $1.5 billion annually for the Paraguayan economy. 
ANDE has classified some 50 mining firms as part of an "especially intensive consumption sector". The heaviest consumers face monthly price increases of 16%, with tariffs rising from USD/KW 55.88 to USD/KW 65.04. ANDE has also cracked down on illegal crypto mining operations. 
The mining association argues that the government's approach contradicts its generally pro-business stance and could negatively impact Paraguay's investment environment. They warn that these actions will project a negative image and undermine the legal security necessary for investment, both domestic and overseas.

Energy Tariffs Could End Bitcoin Mining in Paraguay, Miners Warn

Ultramining_Eng

Ďalšie články zverejnené 3. 7. 2024

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