According to Foresight News, Paraguay has put a proposed ban on cryptocurrency mining on hold and is considering selling surplus energy from its hydropower stations to miners. In a letter to Congress on April 8, Salyn Buzarquis stated that 45 licensed crypto mining companies could generate $48 million in revenue for the National Electricity Administration (ANDE) by 2024. This figure could rise to $125 million by 2025 as miners install more equipment. Given that the cost of generating electricity at Paraguay's Itaipu hydropower station is around $22 per megawatt-hour, ANDE could achieve a net profit margin of 45% by selling the surplus energy to local Bitcoin miners at $40 per megawatt-hour.
Previously, on April 4, Paraguayan legislators proposed a bill claiming that illegal crypto mining operations were stealing electricity and disrupting the country's power supply. If passed, the ban would last 180 days or until a new law is enacted, ensuring that the national grid operator can provide sufficient energy.