📢Blockchain News Flash! Paraguayan Bitcoin mining industry responds to the National Electricity Agency (ANDE)'s move to shut down illegal Bitcoin mining farms. 👀

Bruno Vaccotti, head of public affairs at Penguin, revealed the existence of three "vulture contracts" that have hampered the development of Bitcoin mining operations in Paraguay. 😮

Vaccotti acknowledged that illegal mining operations have harmed ANDE's revenues, but he criticized the agency's claims about Bitcoin mining activities. He said that Penguin pays $850,000 in electricity bills per month, which is almost 50% of the $2 million in losses ANDE claims are caused by illegal crypto mining. 💰

"Vulture contracts" are agreements signed by ANDE with other undisclosed third parties for Bitcoin mining, which affect the power supply of new mines and cause losses to the state. Vaccotti claimed that these contracts involving large amounts of energy are usually signed by foreign investors seeking to speculate. ⚡️

These contracts prevent energy from being used for these operations, thereby damaging the possibility for real Bitcoin mining investors to utilize the energy involved. Vaccotti stressed that this could have a much bigger impact than the illegal activities ANDE is pursuing. 🔍

Stay tuned, we will continue to follow this story as it develops! 🔥