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Does Paraguay Ban Crypto Mining?

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Does Paraguay Ban Crypto Mining? The bill would have covered the amount a network operator could charge bitcoin miners for electricity.

Paraguay’s parliament has failed to implement a bill that would regulate crypto, a setback for the country’s mining industry. The South American country has some of the cheapest energy prices in the world, thanks to the Itaipu Dam, one of the largest in the world. Cheap electricity has attracted local and international companies to set up bitcoin (BTC) mines in the country.

The bill would have regulated crypto and mining and was passed by the country’s legislature in July. President Mario Abdo Benítez, however, withdrew the bill in August, sending it back to parliament for changes and new elections. On Monday, the bill won only 36 votes in the Chamber of Deputies, less than the 41 it needed to pass.

The company has found itself in a fight with the regional network operator Ande and some lawmakers claim that the network infrastructure cannot handle the heavy load and that the company can do little to benefit from the economy community and society. Ande asked the government to increase the electricity bill for miners in August by 60% compared to the factory price.

The proposed bill will increase the amount of money Ande can raise for mining vehicles by 15%. This has been a sticking point for grid operators and governments.

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