Paraguay’s Energy Minister: Cryptocurrency Mining Companies Still Operating in the Country
Felix Sosa, president of Paraguay’s National Power Administration (ANDE), has dismissed claims of a cryptocurrency mining exodus from the country.
He confirmed that no mining companies have left Paraguay despite recent power rate hikes. Currently, 72 mining firms operate in Paraguay, with over 400 MW in new projects awaiting approval. Sosa highlighted that ANDE recently signed a new 6MW contract with a crypto company and emphasized that the power rate increase has not deterred further investments.
Although some companies, like Penguin Group, are relocating to Brazil, Sosa projects that Paraguay will earn $100 million from mining operations this year, with the sector contributing significantly to ANDE’s revenue.
Clever Robot News Desk 5th August 2024
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