Power Theft Crackdown: Paraguay Seizes Thousands of Crypto Mining Units Amidst Regulatory Debates

Paraguay has intensified its crackdown on power theft associated with crypto mining, seizing 2,738 ASICs in Salto del Guairá after discovering an unmetered power connection, valued at $146,000 monthly. The country, known for its abundant hydropower resources, grapples with the controversial nature of crypto mining, prompting discussions on regulation. Despite an attempt to regulate crypto activities in 2021, vetoed by then-president Mario Abdo Benítez, debates continue over potential bans and comprehensive legislation. Recent efforts involve proposed bans on crypto activities, including mining, for 180 days or until power supply assurances are provided. While the industry operates amidst uncertainties, major mining players like Bitfarms and Marathon Digital maintain operations in Paraguay.