TechFlow news: Paraguay's Congress has recently introduced a bill to ban cryptocurrency mining, claiming that illegal mining operations are stealing electricity and disrupting the country's power supply. If passed, the ban would last 180 days or until new legislation is enacted and the national grid operator can ensure sufficient energy supply.
However, for legitimate miners, this ban could come at a high cost to the South American nation. Jaran Mellerud, co-founder and chief mining strategist at bitcoin mining company Hashlabs Mining, said that banning bitcoin mining could cause Paraguay to lose over $200 million annually. Currently, bitcoin mining companies must register and obtain authorization from Paraguay’s industrial and commercial authorities.
If passed, the bill could impact one of the industry’s largest players, Marathon Digital Holdings.
