Bitcoin Mining Firms’ Power Fee Concerns Dismissed by Paraguay’s President

Paraguay’s President Santiago Peña recently dismissed concerns from bitcoin mining operators about a 14% power fee hike imposed by ANDE. 

Peña argued that the increase does not require consultation with the miners and emphasized that interest from new bitcoin companies remains high despite the fee adjustments. He noted that the contracts with mining firms allow for fee hikes if energy costs rise and criticized the notion that such changes would significantly impact the industry or job creation. 

Peña’s comments follow criticism from the bitcoin mining association Capamad, which claims the fee hike violates agreements and could damage Paraguay’s investment reputation. Some mining firms are considering relocating to Brazil due to the uncertainty.

Clever Robot News Desk 25^th July 2024