{"id":35463,"date":"2024-08-05T07:17:14","date_gmt":"2024-08-05T07:17:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/paraguay-retains-cryptocurrency-mining-companies-despite-power-rate-hikes\/"},"modified":"2024-08-05T07:17:14","modified_gmt":"2024-08-05T07:17:14","slug":"paraguay-retains-cryptocurrency-mining-companies-despite-power-rate-hikes","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/paraguay-retains-cryptocurrency-mining-companies-despite-power-rate-hikes\/","title":{"rendered":"Paraguay Retains Cryptocurrency Mining Companies Despite Power Rate Hikes"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>The National Power Administration (ANDE) president of Paraguay, Felix Sosa, denied reports of a large-scale departure of bitcoin <a href=\"https:\/\/igaming.org\/cryptocurrencies\/section\/how-mining-works\/\">mining<\/a> companies. He underlined that over 400 MW of projects were awaiting approval and that no companies had gone.<\/p>\n<h2>No Exodus In Rate Hikes<\/h2>\n<p>Contrary to reports, Sosa assured that recent power rate increases had not driven cryptocurrency miners away. \u201c<em>No cryptocurrency mining company had rescinded its contracts with the institution,\u201d<\/em> he stated. Local media revealed that ANDE recently signed a new 6MW contract with a crypto-mining company in Coronel Belbrano, Itapua, expanding the legal operations in Paraguay\u2019s crypto sector.<\/p>\n<p>Currently, 72 cryptocurrency firms operate in Paraguay, with more awaiting approval. Sosa highlighted that ANDE has projects totaling 400 MW waiting for governmental greenlight. Regarding the approval process, he explained, <em>\u201cA technical evaluation is carried out to verify where to install, where ANDE has power availability for the installation of this type of load.\u201d<\/em><\/p>\n<p>Paraguayan President Santiago Pe\u00f1a echoed Sosa\u2019s confidence, noting that the 15% power rate hike wouldn\u2019t deter new cryptocurrency firms from setting up operations. However, some companies like Penguin Group have decided to move to Brazil, accusing ANDE of \u201cexcessive greed.\u201d Despite these departures, Sosa projected that Paraguay\u2019s government would earn $100 million from crypto-mining activities this year.<\/p>\n<p>Industry insiders estimate that cryptocurrency mining operations currently contribute 13% of ANDE\u2019s income. This share is expected to rise to 20% once all pending projects are approved and commence operations.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong>177% up to 5BTC + 77 <strong> Free Spins<\/strong>!<\/strong> <\/p>\n<p>New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The influx of cryptocurrency mining projects in Paraguay showcases the sector\u2019s resilience and potential growth despite challenges. With significant investments and new contracts, the country remains a hub for crypto-mining, driving substantial revenue for ANDE and reinforcing its position in the global cryptocurrency landscape.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/paraguay-retains-cryptocurrency-mining-companies-despite-power-rate-hikes\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) The National Power Administration (ANDE) president of Paraguay, Felix Sosa, denied reports of a large-scale departure of bitcoin mining companies. He underlined that over 400 MW of projects were awaiting approval and that no companies had gone. No Exodus In Rate Hikes Contrary to reports, Sosa [&hellip;]<\/p>\n","protected":false},"author":35,"featured_media":35464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35463"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=35463"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/35464"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=35463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=35463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=35463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}