Bitcoin Miners Consider Relocating to Paraguay In Wake of China Ban
As many as eight China-based Bitcoin mining firms are said to be looking to relocate operations to Paraguay, home to abundant hydroelectric energy.As many as eight China-based Bitcoin mining firms are said to be looking to relocate operations to Paraguay in the wake of the country’s crackdown on its domestic industry. Estimates suggest this migration could take place over years, and that as many as 500,000 machines could eventually be installed in the country, touted for its abundance of renewables. The figures come from local media reports in Latin America, led by cryptocurrency news....
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The growth of illegal bitcoin mining operations could affect the stability of the power system in Paraguay, according to statements from the National Power Administration. The boom the country is experiencing is taking its toll on the power system, with many miners plugging in illegally and consuming high amounts of power without making payments. Paraguay Underground Mining Operations Grow Paraguay’s popularity as a country with cheap power tariffs for bitcoin mining is hurting the electric grid and might work against the stability of the power system in the country. ANDE, the....
Bitcoin is starting to become a household name when speaking of online payments and its expansion is spreading not only through the United States, but throughout the world. Latin America, however, seems to be embracing it while other countries seem to resent the idea of decentralization. News from Paraguay is that the first Bitcoin ATM will be installed in a restaurant named “Be Okay” meaning that the restaurant becomes the first business in Paraguay to accept bitcoin. The Bitcoin ATM was installed by the actual owner of the restaurant, Juanjo Benitez Rickmann, who happens to be a bitcoin....
A cryptocurrency bill introduced in July to the Senate of Paraguay has been approved. The text, which defines several important concepts including virtual assets, and establishes the need for licenses to mine cryptocurrencies, will now advance to the Deputy Chamber to be discussed.
Paraguay Could Approve Crypto Law by Next Year
A new cryptocurrency bill has taken its first step toward being approved as law in Paraguay. The project, which was introduced in July, was approved in the Paraguayan Senate after a heated discussion, according to reports from its promoter, Senator....
Bitcoin trading and mining will now be under the crosshair of the Paraguay government. Last month, the Chamber of Deputies of Paraguay endorsed a measure to regulate cryptocurrencies over opposition from the country’s central bank. Bitcoinist reported that during a special session in May, deputies approved the modified crypto law draft by a vote of […]