Bitcoin Miners Abandon Paraguay for Brazil in Search of Better Profits
Recent power fee hikes by Paraguay’s National Power Administration (ANDE), raising costs by up to 14%, are impacting Bitcoin mining operations.
As a result, many mining companies are exploring alternatives, with Brazil emerging as a preferred destination. The Penguin Group, for instance, has secured a contract for 400MW of energy in Brazil and is negotiating an additional 400MW. Penguin Group’s CEO criticized ANDE for its “excessive greed,” which he claims jeopardizes over 150 jobs and undermines the Paraguayan mining industry.
The company and industry representatives are seeking discussions with Paraguay’s President and ANDE to address the fee increase and potentially reverse the decision.
Clever Robot News Desk 23rd July 2024
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