According to Odaily Planet Daily, Paraguayan senators have paused progress on a ban on cryptocurrency mining, considering selling excess energy from the Itaipu hydroelectric power plant to miners instead of exporting it to Brazil and Argentina. Senator Lilian Samaniego confirmed that a hearing will be held on April 23 to debate the pros and cons of local Bitcoin mining.
Recently, due to concerns about illegal mines stealing electricity, Paraguayan lawmakers submitted a bill to impose a ban on Bitcoin mining and other businesses for at least 180 days. However, a few days later, Paraguayan lawmakers changed their attitude and supported investment in infrastructure, hoping to make higher profits by selling energy to miners.
In a letter to Congress on April 8, Salyn Buzarquis pointed out that by 2025, licensed mines are expected to bring more than $125 million in revenue to the National Electricity Administration (ANDE). Paraguay's Itaipu Hydroelectric Power Station has low electricity costs, and selling surplus electricity to local miners can generate a 45% net profit margin, equivalent to $73 million in annual revenue and $17 million in increased taxes. This move may save the Electricity Administration from bankruptcy and create more jobs.
