Paraguay Reconsiders Mining Ban In Favor of Selling Excess Energy to Bitcoin Miners
The country's recently proposed anti-mining law has been postponed for 30 days as lawmakers explore options to monetize surplus energy with the help of bitcoin miners.
- A recently introduced bill proposed a sweeping ban on bitcoin mining. However, the senators have now halted progress on the ban and are considering selling the country's energy surplus to miners instead of selling it to Brazil and Argentina at low prices.
“Today we approved a Declaration whereby the Senate of Paraguay supports local and foreign investments in infrastructure and urges the Ministry of Industry to study the economic advantages of selling our surplus energy to the crypto mining industry,” Senator Salys Buzarquis wrote on X.
- A public hearing to debate pros and cons of Bitcoin mining in Paraguay is said to be held on April 23.
"Banning Bitcoin mining could cost Paraguay more than $200M a year, assuming the country has 500 MW of legal miners paying $0.05 per kWh in operating expenses,” said Hashlabs Mining’s co-founder and chief mining strategist Jaran Mellerud.
- Some of the Bitcoin mining industry representatives have already held constructive meetings with the local government officials.
