For Paraguay’s Minister of Industry and Commerce, Javier Jimenez, Bitcoin mining, if done well, could bring many benefits to his country.
Jimenez talks about cryptocurrency mining Consulted by local media On seizure of mining equipment from Raids and arrests that have been made in Paraguay in recent months,
In this sense, he pointed out that illegal activities around mining represent “the ugly face of Bitcoin” and should be eliminated from the South American country.
“Crypto mining, which causes harm and which has to be eliminated from Paraguay, is illegal,” the official stressed. Audio which was broadcast on X this March 22, stating that most of the equipment had been confiscated smuggled into the country,
He explains that, then, these devices are connected directly to the lines of a state company, the National Electricity Administration (ANDE), and “start sucking energy into neighborhoods that may not be prepared for this level of consumption. ”
Therefore the government has taken The decision to pursue such actionsThose are currently punished in Paraguay with expensive fines and several years in prison.
On this topic, CriptoNoticias has reported on arrests made as well as raids and fines imposed. only till now in 2024 It is estimated that more than 4,000 mining equipmentMost ASICs have been seized by the Paraguayan government.
The plan is for the public ministry and the Supreme Court to cooperate to eliminate illegal connections, a measure He is supported By miners who are active and who have legally registered In ANDE, you have agreed to pay higher electricity rates for your electricity consumption. Grouped into the Paraguayan Chamber of Fintech, these miners assure that illegal cryptocurrency mining represents “unfair competition.”
At this point, Jimenez draws attention to the fact that mining, in particular, has become a lucrative activity. Reasons for Bitcoin’s rise in recent months, is reaching its historical peak. He believes that the high value earned by the digital currency, coupled with its international recognition as an asset, can be used in the interest of the country Thus the “good side of Bitcoin” is being taken advantage of.
“You can turn the energy that you sell cheaply to Brazil today, and sell it more expensively to the cryptocurrency mining industry, which will pay 5 times more than Brazil exports because the business is profitable,” the minister said. ”
approve with overcharging Provision of electricity to those dedicated to Bitcoin mining, as a way of promoting the entry of more income into the country. These miners also require a registration that allows them to comply with the requirements related to consumption and the conditions established by authorized farms.
Paraguay has received international recognition To be one of the most attractive countries for Bitcoin mining, For many years, due to the abundance of energy from renewable sources – mainly hydropower – and the low cost of electricity, large companies in the region have settled in the east of the country.
