ChainCatcher news, according to Newsfile, Bitcoin mining company HIVE Digital announced the completion of a $56 million deal to acquire a partially completed 200 megawatt (MW) Bitcoin mining facility in Paraguay's Iguazu from Canadian miner Bitfarms.HIVE signed a binding letter of intent with Bitfarms and expects to expand its Bitcoin mining hash rate to 25 EH/s in September through this acquisition, utilizing Paraguay's low-cost renewable hydroelectric power.The $56 million acquisition includes a $25 million upfront payment expected to be made upon completion in the first quarter, with the remaining $31 million to be paid in six equal installments over the next six months.The acquired mining facility will be developed in two phases, with the first phase scheduled for completion on April 1, 2025, and currently 80% complete. This initial phase includes HIVE covering the remaining costs needed to complete the power connection, which is expected to add approximately 6 EH/s of Bitcoin mining capacity and will be operational in the second quarter. The second phase is planned for completion on August 31, 2025, and will integrate water-cooled Bitmain S21+ ASICs to provide an additional 6.5 EH/s. HIVE estimates the completion cost to be $400,000 per megawatt, funded by existing cash and Bitcoin reserves.

ChainCatcher news, according to Decrypt, mining company Hive Digital announced an investment of $60 million to enter Paraguay.Hive Digital announced that it has purchased 13,480 new mining machines to expand its operations in the South American country. The deal, valued at over $60 million, will help the company capture 2% of the global Bitcoin network. The Bitmain Antminer S21+ Hydros offers a hash rate of 4.3 Exahashes per second (EH/s).Executive Chairman Frank Holmes stated that once fully deployed, expanding to 15 EH/s will "drive Hive's annual revenue to over $300 million and generate over $200 million in mining profits based on current mining economics."

ChainCatcher message, the National Electricity Administration of Paraguay (ANDE) recently discovered and seized an illegal Bitcoin mining operation with 693 miners. ANDE confirmed its illegal act of stealing electricity, which is classified as a criminal offense under Law No. 7300/24, with a maximum penalty of 10 years in prison.

ChainCatcher news, according to Bitcoin.com, the National Electricity Administration of Paraguay (ANDE) recently discovered and seized an illegal Bitcoin mining operation with 693 miners. ANDE inspectors found a tampered electricity meter that failed to record all the electrical energy consumed by the devices connected to the grid. The detection was carried out using the SCADA system.

ChainCatcher news, according to News.bitcoin, the Paraguayan Senate has passed a series of reforms that change the penalties for energy theft related to cryptocurrency mining. Now, individuals and companies found stealing energy for cryptocurrency mining activities will face up to 10 years in prison, while energy theft for other purposes will face a maximum penalty of 3 years.

ChainCatcher news, according to Bitcoin.com, the National Electricity Administration of Paraguay (ANDE) has recently raised electricity prices, prompting Bitcoin mining companies to seek alternatives in neighboring countries such as Argentina and Brazil.A joint venture between companies in Argentina and Brazil recently announced an 8-megawatt plan aimed at generating 200 megawatts of power by 2026. Fernando Arriola, president of the Paraguayan Fintech Chamber, announced that several companies have signed documents to move their operations to Argentina.

ChainCatcher news, according to Bitcoin.com, Paraguayan Senator Salyn Buzarquis has severely criticized the National Electricity Administration of Paraguay (ANDE), claiming that its senior officials accept bribes to allow illegal Bitcoin mining operations to run unchecked. Salyn Buzarquis stated that these unnamed officials receive bribes of up to $500,000 per month and called for ANDE President Felix Sosa to resign or be questioned about the matter.ANDE issued a statement denying these allegations and emphasized that the country's companies have been harmed in their efforts to combat energy theft. The statement claimed: "This agency is characterized by its proactive stance against such punishable behaviors (especially illegal mining operations for cryptocurrency)."

ChainCatcher news, according to Bitcoin.com, the National Electricity Administration of Paraguay (ANDE) has announced an increase in electricity prices for Bitcoin and cryptocurrency mining operations in the country. ANDE has raised the electricity prices for cryptocurrency mining, blockchain, tokens, and data centers by 14%, which may affect the feasibility of maintaining these activities in the country.Due to the lack of clarity in this field, this price increase has already led to the withdrawal of a company that planned to invest over $400 million in the country.

ChainCatcher news, according to Bitcoin.com, the National Electricity Administration of Paraguay (ANDE) has increased electricity rates for cryptocurrency mining operators by 14%, impacting the profitability of cryptocurrency mining operators. Due to the lack of transparency in the region, this price increase has already led to the withdrawal of a company that planned to invest over $400 million in the country.

ChainCatcher news, according to Bitcoin.com, employees of the National Electricity Administration of Paraguay (ANDE) have been accused of directly participating in the establishment of illegal Bitcoin mining farms in Paraguay. Seven engineers employed by ANDE will be involved in organizing illegal connections to provide electricity for Bitcoin operations in Paraguay.ANDE's director, Felix Sosa, clarified that the agency's internal audit department is conducting a verification and organizational investigation of the organization. All relevant information will be submitted to the National Prosecutor's Office for further investigation. However, Sosa stated that employees of the national electricity company have not been responsible for executing electrical connections for some time and have delegated this function to third-party contractors.Since December of last year, ANDE has been fighting against illegal Bitcoin mining connections and has cut off power to more than 70 mining farms that were drawing unmetered electricity directly from the grid.

ChainCatcher news, according to Bitcoin.com, the Paraguayan Bitcoin mining industry has responded to the National Electricity Administration (ANDE) participating in the closure of several illegal Bitcoin mining sites. Bruno Vaccotti, the public affairs director of the Bitcoin mining company Penguin, revealed the existence of three "vulture contracts," which have slowed the development of the Bitcoin mining business in Paraguay.In a radio interview, Vaccotti acknowledged that illegal mining operations have harmed ANDE's revenue, but he criticized the agency's statements regarding Bitcoin mining activities. He stated that Penguin pays $850,000 in electricity bills each month, which is nearly 50% of the $2 million loss that ANDE claims is caused by illegal crypto mining."Vulture contracts" are agreements signed by ANDE with other undisclosed third-party Bitcoin miners, affecting the electricity supply to new mining sites and causing losses to the country. Vaccotti noted that these energy-intensive contracts are often signed by foreign investors seeking speculation.The energy allocated to these parties is prevented from being used for these operations, thereby harming the potential for legitimate Bitcoin mining investors to utilize the energy involved. Vaccotti emphasized that this could have a greater impact than the illegal activities that ANDE is currently investigating.

ChainCatcher news, May 28, the National Electricity Administration of Paraguay (ANDE) and local prosecutors conducted an operation in Saltos de Guaira, discovering and cutting off the power supply to a giant Bitcoin mining farm with 2,738 Bitcoin miners.

ChainCatcher news, according to Bitcoin News, Paraguayan authorities have arrested nearly 400 Bitcoin miners in the city of Sapucai. This operation was conducted jointly by the police and the National Electricity Administration (ADE) as part of an investigation into suspected electricity theft.

ChainCatcher news, the Paraguayan government urges lawmakers to pass a bill that imposes up to 10 years of imprisonment on illegal Bitcoin miners to address the significant theft of electricity threatening the state-owned National Electricity Administration (ANDE).The bill stipulates that Paraguayan police and prosecutors can confiscate and sell illegal mining equipment to protect the National Electricity Administration from the enormous economic losses caused by energy theft. In this crackdown, more than 5,000 ASIC miners have already been confiscated this year, and the legislative momentum could potentially lead to a temporary ban on Bitcoin mining in the country.

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.

ChainCatcher news, according to Cointelegraph, if Paraguayan lawmakers pass the recently proposed bill to ban cryptocurrency mining, the country's economy could lose over $200 million annually. It is reported that recently, Paraguayan lawmakers submitted a bill proposing to impose at least a 180-day ban on activities such as Bitcoin mining.Jaran Mellerud, co-founder and chief mining strategist of Hashlabs Mining, stated that assuming the country has 500 megawatts of legal mining equipment with an operating cost of $0.05 per kilowatt-hour, banning Bitcoin mining could result in losses of over $200 million for Paraguay each year.

ChainCatcher news, Bitcoin miner Bitfarms (BITF) has signed two power purchase agreements in Paraguay, increasing its hydropower capacity to 150 megawatts (MW).It is reported that one of the deals is located in Villarrica, near Bitfarms' already operational site, worth up to 50 MW, while the second deal is worth up to 100 MW, located in Yguazu, close to the Itaipu hydropower plant. Bitfarms currently has 11 mining sites in Canada, the United States, Paraguay, and Argentina.Bitfarms CEO Geoff Morphy stated in a statement, "Paraguay has abundant surplus renewable energy, and these power purchase agreements aim to expand Bitfarms' footprint in resource-rich countries." Bitfarms indicated that the pre-tax price for both locations is $0.039 per kilowatt-hour (kWh) and will not be adjusted for inflation. (Source link)