Paraguay reconsiders Bitcoin mining ban, considers selling excess energy from a hydropower station to miners

Golden Finance reported that Paraguay’s senators have suspended progress on a cryptocurrency mining ban and are considering selling excess energy from the Itaipu hydropower station 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 Bitcoin mining. Previously, lawmakers were concerned about illegal mines stealing electricity and proposed a temporary ban. However, lawmakers have changed their attitude, supporting investment in infrastructure and hoping for higher profits from selling energy to miners. The senator predicts that by 2025, licensed mines will generate more than $125 million in revenue for the State Power Administration. The electricity cost of Paraguay's Itaipu Hydropower Station is low, and it can earn a 45% net profit margin when sold to miners. The annual revenue is US$73 million, with a tax increase of US$17 million. This move may help the electricity authority avoid bankruptcy and create more job opportunities.