Paraguay Legislative Fails to Pass Bill Regulating Bitcoin Mining

The country did not pass a bill that would have clarified rules regarding the cost of electricity imposed on bitcoin miners.Author:BtcCaseyPublish date:Dec 6, 2022The country did not pass a bill that would have clarified rules regarding the cost of electricity imposed on bitcoin miners.The Paraguay legislature did not pass a bill that would have regulated cryptocurrency mining in the country.The bill, originally passed in July of 2022, was subsequently vetoed by President Mario Abdo Ben?tez in August, which sent it back to the legislature. The bill would have reduced the excessive charges that bitcoin miners are subject to for their energy use if it had been passed. According to Coindesk, the industry is currently in a dispute with Ande, the local grid operator, and some legislators who claim that the grid cannot handle the extra load and that the industry does not greatly benefit the local economy or society. “Ande had asked that the Paraguayan government raise electricity rates by as much as 60% above the industry standard. The bill would have capped these increases at 15%. Paraguay is a key location for bitcoin mining due to its abundant power. Itaip? The Itaip? To ensure that the country does not hinder this investment in its energy infrastructure, it is crucial to get the regulation right. Industry players involved in Paraguay include Bitfarms, who has a 10MW facility based there, and Pow.re, who has operations totaling 12MW there.Tagsterms:MiningRegulationParaguay

 

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