The recent increase in energy tariffs by 14% for miners of the first cryptocurrency in Paraguay leads to the withdrawal of mining projects from the country. He writes about it Bitcoin.com .
According to industry insiders, companies are considering alternatives in neighboring Argentina and Brazil. One of these projects was a joint venture between representatives of the two countries in the Sapala free Economic zone.
Zapala Mining and Patagonia 360 are striving to take advantage of the opportunities offered by one of the largest Argentine oil fields, Vaca Muerto.
The project started in October 2023 with a capacity of 8 MW and expects to reach 200 MW by 2026.
According to Fernando Arriola, President of the Paraguayan Chamber of Digital Technologies, a number of industry companies have already submitted documents on the withdrawal of business to Argentina.
In this regard, he noted at least six migrated enterprises, since energy tariffs in a neighboring country are "more profitable". Arriola drew attention to the fact that the process is hindered to a certain extent by difficulties with the export of equipment.
"I predict without a doubt the migration of [miners] from Paraguay to Argentina and Brazil in the next six months," he said.
In April, lawmakers in Paraguay proposed a temporary ban on mining in the country. The initiative did not receive support, but Hashlabs Mining managed to assess such a step in the loss of more than $200 million in annual investments from industry players.
Recall that in March, the American company Giga Energy began mining bitcoin using flare gas energy in Vaca Muerto.