Search
Latam Insights: Milei Advocates for Crypto Independence, Hive Updates on Paraguayan Mining Site
17.11.2024
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue, Argentine President Javier Milei calls for maintaining cryptocurrency independence, Hive provides an update on its Paraguayan mining site, and World lands...
Hive Announces Paraguayan Mining Site Construction Update, Hardware Revamp
16.11.2024
Hive Mining, a data center and crypto mining company, gave an update on the construction of a Paraguayan bitcoin mega mining site that will host 100MW of mining hardware. The company also revealed a purchase of nearly $20 million in mining ASICs to revamp its current equipment. Hive Doubles Down...
Holy Bitcoin: Paraguayan Power Company Detects Illegal Crypto Mining Operation in a Church
3.9.2024
The National Power Administration of Paraguay (ANDE) recently detected an illegal bitcoin mining operation in an evangelical church. The church, which shared a power line with a nearby store, had established a connection before its power meter that was hidden within the same building. ANDE officers...
Report: Paraguayan Bitcoin Mining Industry Provides Fewer Than 400 Jobs
30.8.2024
A report presented to the Paraguayan Congress highlights the low level of employment associated with the country’s bitcoin mining activity. According to data from the Social Care Institute, the entire bitcoin mining industry is responsible for only 383 direct jobs, with over 40 companies...
Paraguayan Justice System Achieves Conviction for Power Theft Crime Linked to Cryptocurrency Mining
16.8.2024
The Paraguayan justice system has reached a milestone by achieving its second conviction related to a power theft crime linked to cryptocurrency mining. Carlos Raul Rojas, the owner of a dwelling where over 1,000 cryptocurrency miners operated, was sentenced to 18 months in prison for causing over...
Latam Insights: US Department of State Acknowledges Bitcoin Helped Revive El Salvador’s Tourism, Paraguayan Government Dismisses Power Fee Hike Concerns
29.7.2024
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The U.S. Department of State states bitcoin helped drive tourists to El Salvador, Paraguay dismisses concerns about power fee hikes for bitcoin mining...
Latam Insights: Bukele Goes Chavez Mode Against High Prices, Paraguay Strengthens Power Theft Penalties For Crypto Mining
14.7.2024
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: President Nayib Bukele starts combating price gouging practices in El Salvador a la Chavez, Paraguay enacts penalties of up to 10 years of jail time for power...
Paraguayan Senate Passes Law Imposing up to 10 Years of Jail Time on Crypto Miners for Electricity Theft
12.7.2024
The Paraguayan senate has passed a series of reforms that changed penalties for energy and cryptocurrency mining-related energy theft. Now, individuals and companies found to be stealing energy for cryptocurrency mining activities will face jail time for up to 10 years, while energy theft for other...
Paraguayan Minister Unveils Future Economic Strategy Centered on Bitcoin Mining for Industrial Transition
10.6.2024
Javier Gimenez, from the Paraguayan Ministry of Industry and Commerce, revealed that the government plans to take advantage of the energy sold to legal bitcoin mining operations. Gimenez stated that selling Paraguay’s energy to bitcoin mining companies is part of the government’s strategy, which...
Paraguayan Authorities Shut Down 2,700 Miners in Largest Anti-Illegal Bitcoin Mining Intervention to Date
31.5.2024
Paraguayan authorities detected and shut down an illegal bitcoin mining farm that had over 2,700 miners connected directly to the country’s power grid. The operation, carried out in the city of Saltos de Guaira and situated near a national power facility, was deemed by authorities as the largest...
Paraguayan Senate Supports Selling Power to Crypto Mining Companies, Criticizes Subpar Energy Agreements With Brazil
13.4.2024
The Paraguayan Senate has approved a resolution supporting selling the country’s energy surplus to crypto mining companies, given the price and guarantees that these institutions offer. The declaration criticizes the subpar agreements that sell energy to Brazil for 25% of the fees collected...
Paraguayan Lawmakers Introduce Bill to Temporarily Pull the Plug on Bitcoin Mining Operations
5.4.2024
A group of Paraguayan lawmakers is spearheading a bill that seeks to enact a temporary ban on cryptocurrency mining operations in Paraguay for 180 days or until the industry’s activities are properly regulated. The bill alleges that 28% of the energy losses of the National Power...
Paraguay Proposes Bitcoin Mining Ban Citing Power Issues
5.4.2024
14 Paraguayan senators have called for temporary prohibition of creation, and storage of cryptocurrencies, and banning crypto mining farms in the territory.
The post Paraguay Proposes Bitcoin Mining Ban Citing Power Issues appeared first on Cryptonews
Paraguay to Become Top Bitcoin Mining Hub in Latam According to Insight Group
22.2.2023
Paraguay, one of the smallest countries in Latam, has the conditions needed to become the next Bitcoin mining hub in the region, according to mining insight group Hashrate Index. The company notes there are many elements in favor of Paraguay, including the abundance of clean hydroelectric power...
Paraguayan Bitcoin Mining Companies Hurt by Power Rate Hikes of Over 50%
27.1.2023
Paraguayan mining companies are taking a hit to their profitability due to the steep power fee hikes the government has established for cryptocurrency mining activities. According to reports from Braiins Mining business developer Nano Grijalba, after the veto of the crypto law, the change in power...
Paraguayan Cryptocurrency Law Shelved After Presidential Veto
9.12.2022
The cryptocurrency and mining law that the Paraguayan Congress passed in June was finally shelved on Dec. 5. The document, which sought to bring order to crypto mining and exchange activities in Paraguay, was ultimately dropped after failing to obtain the votes needed to reject the presidential...
Paraguay Warns About Growth of Illegal Bitcoin Mining Operations and Effect on Power Stability of the Country
31.10.2022
The growth of illegal bitcoin mining operations could affect the stability of the power system in Paraguay, according to statements from the National Power Administration. The boom the country is experiencing is taking its toll on the power system, with many miners plugging in illegally...
Paraguayan Senate Rejects Presidential Veto to Cryptocurrency Bill
30.9.2022
The Paraguayan Senate has decided to reject the total veto that President Mario Abdo exerted over a proposed cryptocurrency bill on September 2. The Senate defended the initiative, stating that passing the bill would benefit the country due to its effect on tracking the energy consumption of crypto...
Paraguayan Senate Approves Cryptocurrency Bill
18.7.2022
The Paraguayan Senate has approved a bill that seeks to regulate cryptocurrencies and their operations in the country. The bill, which had already been submitted to the deputy chamber, was approved with some changes suggested, establishing clear definitions and tax exemptions for companies in...
Paraguayan Senate Passes Bill Regulating Crypto Mining and Trading
15.7.2022
The text must now be approved or vetoed by the country’s executive branch