Paraguayan Miners Seek Government Intervention over Impending Electricity Rate Hike

IconCryptoNewsTerminal Staff22 Jul, 2024

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Paraguayan Miners Seek Government Intervention over Impending Electricity Rate Hike

Paraguayan cryptocurrency miners have appealed to the government to reconsider a planned electricity rate hike slated for implementation in August, fearing potential losses of up to $1.5 billion. The government announced plans to increase electricity rates for eligible crypto miners by up to 16% starting in August. However, the miners contend that such a hike would severely impact their operations and could force some to shut down. According to Cointelegraph, the miners have presented their concerns to the government, highlighting the potential negative consequences of the rate increase. They have urged the government to reconsider and explore alternative solutions that would not harm the burgeoning cryptocurrency mining industry in Paraguay. The government is yet to respond to the miners' request. However, it remains to be seen whether it will yield to their demands or proceed with the planned electricity rate hike. The outcome of this issue could have significant implications for the future of cryptocurrency mining in Paraguay.

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