Paraguay reconsiders Bitcoin mining ban, considers selling excess energy from a hydroelectric power station to miners

Paraguayan senators have suspended the progress of the ban on cryptocurrency mining and are considering selling surplus energy from the Itaipu hydroelectric power plant to miners instead of exporting it to Brazil and Argentina. Senator Lilian Samaniego confirmed that a hearing will be held on April 23 to debate the pros and cons of Bitcoin mining.Previously, senators were concerned about illegal mining farms stealing electricity and proposed a temporary ban. However, their attitudes have changed and they now support investing in infrastructure and expect to gain higher profits by selling energy to miners. Senators expect that by 2025, licensed mining farms will bring in more than $125 million in revenue for the national electricity management agency.The cost of electricity from the Itaipu hydroelectric power plant in Paraguay is low, and selling it to miners can achieve a net profit margin of 45%, with an annual income of $73 million and an additional $17 million in taxes. This move may help the electricity management agency avoid bankruptcy and create more job opportunities.