Paraguay Proposes Bill to Crack Down on Illegal Bitcoin Mining
President Paula Carro has proposed a bill to combat illegal Bitcoin mining in Paraguay. The bill aims to tackle power theft, which has been causing financial losses and network overloads for the state-owned energy company. Over 5,000 ASIC miners have already been seized by the police due to power theft.
The bill allows Paraguayan police and prosecutors to seize and sell the mining equipment of illegal operators. It targets operators of illegal Bitcoin mining facilities connected to the state-owned electricity company's grid without permission. Those found guilty could face up to 10 years in prison. Proceeds from the sale of seized mining equipment will go towards the state-owned energy company.
The bill, if passed, will significantly deter illegal Bitcoin mining activities in Paraguay. It will help reduce power theft, alleviate network overloads, and compensate the energy company for its losses.
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