Mining
Paraguay Crypto Miners Oppose Electricity Price Hike
Monday. July 22 at 3:00 PM
1 min. readCrypto miners in Paraguay are pushing back against the government's plan to raise electricity prices, warning of significant economic damage. The Administración Nacional de Electricidad (ANDE) announced a price hike for legal crypto miners, set to begin on August 1. The Chamber of Digital Asset Mining (Capamad) criticized the decision, stating that it could lead to losses of up to $1.5 billion and force many operators out of business. While ANDE cited disruptions caused by crypto mining as the reason for the increase, Capamad emphasized the positive impact of legal mining on the economy. With over $700 million already invested by mining firms, Capamad urged the government to reconsider the hike to support the industry's growth and contribution to Paraguay's economy. The situation highlights the challenges faced by crypto miners globally in navigating regulatory and economic obstacles.