Bitcoin Miners in Paraguay Evaluate Ceasing Operations as Fees Surge 14%

The National Power Administration of Paraguay (ANDE) has surprised cryptocurrency mining operators with a 14% increase in power fees, potentially jeopardizing the presence of these companies in the country. 

This move, outlined in Resolution 49238 issued on June 26, targets high-power consumption groups including bitcoin and cryptocurrency mining operations, blockchain, token, and data centers. The decision has sparked immediate backlash from industry insiders and political figures. Senator Salyn Buzarquis criticized the measure, highlighting its negative impact on future investments and describing it as contradictory to promises of fee stability. 

The vice president of the Paraguayan Chamber of Digital Asset Miners, Andy Jasmin, noted that the fee hike has already led one company to withdraw a planned $400 million investment due to perceived instability and lack of legal security.

Clever Robot News Desk 4^th July 2024