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Paraguayan lawmaker's proposed Bitcoin mining ban could cost it more than $200 million a year

Paraguayan lawmaker's proposed Bitcoin mining ban could cost it more than $200 million a year

CointimeCointime2024/04/08 05:30
By:Cointime

If Paraguay's lawmakers pass a recent bill to ban cryptocurrency mining, the country's economy could lose over $200 million annually. Reportedly, Paraguay lawmakers submitted a bill recently proposing a ban on businesses such as Bitcoin mining for at least 180 days. Jaran Mellerud, co-founder and chief mining strategist of Hashlabs Mining, said that if the country had 500 megawatts of legal mining equipment and the operating cost was $0.05 per kilowatt-hour, banning Bitcoin mining could cause Paraguay to lose over $200 million annually.

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