Paraguay Faces $200 Million Annual Loss with Proposed Crypto Mining Ban

In Paraguay, a proposed bill aiming to ban cryptocurrency mining is raising concerns about significant economic repercussions. Introduced on April 4, the legislation cites issues with illegal mining operations that reportedly compromise the national electricity supply, prompting a potential prohibition period of 180 days or until the adoption of new regulations. This move, however, might have costly implications for Paraguay, as highlighted by Jaran Mellerud, co-founder of Hashlabs Mining. In a recent discussion with Cointelegraph, Mellerud estimated that such a ban could lead to over $200 million in annual losses for Paraguay, considering the presence of 500 megawatts of legal