Paraguayan lawmaker's proposed Bitcoin mining ban could cost it more than $200 million a year
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Vitalik Buterin Boosts Tornado Cash Defense Fund with $240K Donation
Polymarket Betting Volumes Surge Beyond $2 Billion as U.S. Presidential Election Fuels Speculation
Ripple’s XRP Ledger Could See $50 Trillion in Volume, Predicts Archax CEO
UAE exempts crypto transfers, conversion from value-added tax