Paraguay reconsiders the ban on Bitcoin mining and is considering selling excess energy from a hydroelectric power station to miners

ChainCatcher news, according to Cointelegraph monitoring, Paraguayan senators have suspended the progress of the cryptocurrency mining ban, considering selling excess energy from the Itaipu hydroelectric plant 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 mining operations stealing electricity and proposed a temporary ban. However, lawmakers have changed their stance, supporting investment in infrastructure and hoping to achieve higher profits by selling energy to miners. Senators expect that by 2025, licensed mining operations will generate over $125 million in revenue for the National Electricity Administration.

The cost of electricity from the Itaipu hydroelectric plant in Paraguay is low, allowing for a 45% net profit margin when sold to miners, resulting in annual revenue of $73 million and an additional $17 million in taxes. This move could help the electricity administration avoid bankruptcy and create more job opportunities.