About 55 companies are actively mining Bitcoin in Paraguay, benefiting from the rapid construction of large-scale mining operations.
Paraguay sells surplus hydroelectric energy at a premium to Bitcoin miners, amidst discussions on industry regulation in the legislature.
Néstor Cristaldo, an engineer specializing in electrical energy, discussed the prevalent issue of energy theft in Paraguay, attributing it to the inadequate security and prevalent corruption in the electrical management system. His observations coincide with the rapid growth of Bitcoin mining operations in Paraguay, driven by the country’s low-cost and plentiful hydroelectric power.
“Regulation and legislation is always one to ten steps behind technological advancement. In the United States, it took them a long time to legislate and they are still adjusting their regulations. Paraguay will take time to generate good legislation for this sector,” warned Cristaldo.
The National Electricity Administration (ANDE) has
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