- Paraguay’s legal authorities seized large amounts of illegal Bitcoin mining machines.
- Miner revenue collected continued to decline.
As a seasoned financial analyst with extensive experience in the cryptocurrency market, I have closely followed the developments surrounding Bitcoin mining in Latin America, particularly in Paraguay. My personal observations and research indicate that recent regulatory actions against illegal Bitcoin mining operations in the country could pose significant challenges to BTC‘s current price rally.
The price increase of Bitcoin (BTC) lately has brought renewed enthusiasm to the cryptocurrency world, particularly among those who are bullish on BTC.
The ongoing regulatory examinations of Bitcoin miners in Latin America and various other regions might influence Bitcoin’s pricing and pose challenges to its ongoing surge.
Miners on the run
In Ciudad del Este, Paraguay, local authorities confiscated approximately 450 Bitcoin mining machines (ASICs) from a warehouse located in the Caacupemi area of Hernandarias district.
In the past few days, another large-scale mining equipment seizure has taken place in the country, bringing the annual total to more than 10,000 units. This number matches the quantity seized in Venezuela during the same period.
On the 26th, ANDE (National Electricity Administration) unearthed a mining farm harboring 450 ASICs.
Through more than 70 raids carried out so far, Paraguay has firmly established itself as a front-runner in seizing illegal Bitcoin mining activities.
As an analyst, I’ve uncovered some intriguing information: ANDE authorities have recently discovered a hidden cache of gear presumably destined for the setup of cryptocurrency mining operations.
As a result, the power plant has officially asked the Public Prosecutor’s Office to carry out a thorough examination of this issue.
As a curious crypto investor, I came across an intriguing discovery during my research on a certain project. At Estancia Santa Monica, located at kilometer 46 on Route PY07, some equipment that had been missing from another site was unexpectedly found.
In a recent attempt to shut down a cryptocurrency mining operation, law enforcement was outwitted as the owners allegedly received advance warning and successfully evacuated with the high-demand ASIC processors before the team’s arrival.
Complaints being raised
In a different turn of events, officials in Hernandarias, Paraguay, have lodged twenty criminal reports concerning illicit cryptocurrency mining operations.
Through these investigations, we’ve managed to seize more than 10,000 Bitcoin mining machines. This number is almost on par with the total amount confiscated in Venezuela as per reported figures.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Paraguay’s vast hydropower resources, predominantly from Itaipu, previously enticed Bitcoin miners. Yet, the discovery of unauthorized mining operations during a government clampdown exposed rampant energy misappropriation and hinted at potential corrupt involvement.
Bitcoin mining activity drops
Currently, the mining scene isn’t thriving as it once was. In just a week, the daily income miners earned dropped significantly from $53 million to $34 million.
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2024-07-18 02:15