selling excess energy from the Itaipu hydroelectric power plant to miners instead of exporting it.
On April 23rd, there will be a community meeting to explore the pros and cons of Bitcoin mining in the country, according to Senator Lilian Samaniego’s announcement during a Senate gathering.
After the proposal of a preliminary law on April 4 to restrict Bitcoin mining for a period of 180 days, this action ensued in response to fears that unlawful cryptocurrency operations were depleting power resources and causing power disruptions in the electricity grid.
On April 8, a declaration endorsing infrastructure for both local and foreign investments was passed. Sen. Salyn Buzarquis argued in favor of examining the potential economic benefits of selling surplus energy to Bitcoin miners.
Licensed cryptocurrency miners, as pointed out by Buzarquis, have the ability to bring in substantial earnings for the National Electricity Administration (ANDE). This financial boost may help prevent bankruptcy and pave the way for essential infrastructure improvements. Additionally, this action could lead to new employment opportunities and increased tax revenues.
The ongoing debate highlights how laws affecting companies such as Marathon Digital Holdings, based in Paraguay, could significantly impact their operations. This discussion takes place as we approach the upcoming Bitcoin halving on April 20th, where miner rewards will be cut down.
In light of worldwide discussions surrounding energy usage and sustainability in the crypto community, Paraguay’s stance on cryptocurrency mining holds significant importance.
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2024-04-11 08:36