Paraguay’s proposed Bitcoin mining ban could cost $200M a year

Bitcoin mining has provided a “positive contribution to Paraguay’s trade balance,” and a ban could dent the economy, argues Hashlabs Mining’s co-founder.

The Paraguayan economy could lose more than $200 million annually if the country’s lawmakers pass a recently introduced bill to ban crypto mining in the country.

Lawmakers introduced the draft bill on April 4, claiming illegal cryptocurrency mines steal power and disrupt the country’s electricity supply. If passed, the ban would last 180 days or until new laws are enacted and the national power grid operator can ensure it can supply sufficient energy.

But a ban on lawful miners operating in the region could prove costly for the South American country, according to Hashlabs Mining co-founder and chief mining strategist Jaran Mellerud, who recently spoke with Cointelegraph:

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