Paraguay Considers Temporary Ban on Crypto Mining Over Power Grid and Cost Concerns

Paraguayan lawmakers have proposed temporarily banning crypto mining and activities due to power grid strains.

Illegal crypto mining farms are allegedly guzzling energy and costing the state-owned utility over $60 million per year.

The bill's broad language could inadvertently ban other crypto activities like staking and holding assets.

Crypto advocates criticize the bill for not distinguishing between illegal and legitimate crypto uses.

Crypto enthusiasts plan to mobilize against the bill and request public hearings to explain alternatives.