ande, billing, fees, national power administration, paraguay, regulation, veto

The National Power Administration of Paraguay has proposed to set a special mining fee for cryptocurrency mining operations in a decree project directed to the national economic team. Due to the immense losses the organization has faced, it has stopped supplying energy to some mining operations that were evading the payment of power bills, being illegally connected to the grid.

National Power Administration to Change Power Billing Structure for Mining Operations in Paraguay

The National Power Administration is proposing a new way of charging cryptocurrency companies for the electricity used in mining operations in Paraguay. The company has brought a new decree proposal to the national economic team that would collect the payments for these services in advance in U.S. dollars, and with an annual adjustment. This proposal would also create a new billing group for these activities.

The head of the East Regional Management Division, Alfredo Argüello, stated that while inspecting different cryptocurrency mining operations, the group was able to detect irregularities in some of them that led to the loss of more than $400,000 monthly. Some of these irregularities included direct connections, bypass connections, and modified power meters, Argüello informed.

As a result of this, the company is stopping the power supply to these companies until a new power billing structure is approved for these entities, an issue that’s already being discussed in the Paraguayan senate.

Cryptocurrency Laws Ready

The cryptocurrency mining activity in Paraguay has experienced a boom due to the cheap fees that the power companies are actually charging for electricity. Several companies have expressed their interest in establishing operations in Paraguay after the Chinese mining ban, which forced many mining operators to leave the country and search for new lands for carrying out their activities.

The Senate passed a bill in July that, if approved, will bring clarity to these operations in the country. The law, which is still waiting to be sanctioned by the Paraguayan president, establishes that the energy provided to mining operations will still be subsidized, but will have to be set at a rate 15% higher than what other industries pay currently.

About this, the president of the National Power Administration, Felix Sosa, stated:

At that point, we believe that it has to respond to a cost structure so that it is viable for the installation of electrical energy supply.

Furthermore, Sosa stated that he will propose a partial veto of this bill due to the proposals it makes regarding power billing to these companies.

TECH NEWS RELATED

Tesla meets with Canadian minister of industry amid effort for Gigafactory in Canada

Tesla has met with François-Philippe Champagne, Canada’s federal minister in charge of innovation, science, and industry, as the automaker is considering a Gigafactory in Canada. We have been reporting on evidence that Tesla has been looking at a potential factory in Canada. In June, Electrek obtained a recording of a companywide ...

View more: Tesla meets with Canadian minister of industry amid effort for Gigafactory in Canada

Save 20% on the Sky-Watcher Heritage-76 Mini Dobsonian Telescope

This Sky-Watcher mini Dobsonian telescope is an excellent starter scope and you can now save 20% when you get it from Wex Photo Video.

View more: Save 20% on the Sky-Watcher Heritage-76 Mini Dobsonian Telescope

Token Front-Running Was Common at Coinbase, a New Study Argues

The paper found suspicious trading around 10% to 25% of new crypto listings and says the problem goes beyond the instances in a U.S. Department of Justice case brought in July.

View more: Token Front-Running Was Common at Coinbase, a New Study Argues

Russia’s GDP Decline Less Severe Than Expected, Wall Street Returns to Russian Bonds, Putin Criticizes US ‘Hegemony'

While the ongoing war in Ukraine continues, the Ministry of Economic Development of the Russian Federation detailed this week that Russia’s economic hardships are less severe than expected. Russia’s economic ministry says that the economy’s gross domestic product (GDP) is estimated to drop by 4.2% this year and Russia’s ...

View more: Russia’s GDP Decline Less Severe Than Expected, Wall Street Returns to Russian Bonds, Putin Criticizes US ‘Hegemony'

PIXXSTASY Is Changing the NFT Market

press release PRESS RELEASE. PIXXSTASY, a charity project for drug prevention and rehabilitation, is redefining the NFT market. The organization will sell 399 limited edition NFTs this year and use the proceeds to support charities involved in anti-drug campaigns and drug recovery programs around the world. Operating under the ...

View more: PIXXSTASY Is Changing the NFT Market

Biggest Movers: EOS up Nearly 20%, Token Hits 3-Month High

Eos rose by as much as 20% on Wednesday, as bulls continued to react to the news of its upcoming Yield+ incentive program. Today’s price surge comes despite the global cryptocurrency market cap falling by almost 2% as of writing. Tezos was also higher, hitting a two-month high on ...

View more: Biggest Movers: EOS up Nearly 20%, Token Hits 3-Month High

Amazon's $569 M1 Mac mini deal is back

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content. Bonus savings at checkout drive the price of the M1 Mac mini down to $569.99 at Amazon. M1 Mac mini ...

View more: Amazon's $569 M1 Mac mini deal is back

Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

Bit Mining Limited has announced that it has entered a $9.3 million registered direct offering with specific institutional investors. Bit Mining explained that it aims to use the funds from the offering to expand infrastructure and invest in new mining machines. Bit Mining to Use Fresh Capital for Expansion, ...

View more: Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

LIVA One A300 AMD Socket AM4 Mini PC Barebone Review

Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session

Israel Arrests 3 in Crypto Scheme to Launder Millions Stolen From France

Lido Finance Partners With KyberSwap Elastic to Enhance Liquidity on Polygon With Over $120,000 in Liquidity Mining Rewards

Pay Your Traffic Fines or We’ll Confiscate Your Crypto – S Korean Police Pilot Grants Officers New Powers

Bitcoin Miner Stronghold Sells Mining Machines to Slash $67.4M in Debt

NFL Franchise Houston Texans to Accept Cryptocurrencies for Single Game Suites

2022 Mini One 5-Door Frozen Brass Edition : Instrumental Brass

Legal Woes: Coinbase Faces New Class Action, IRS Allowed to Investigate SFOX' Customers, Another Objection in SEC-Ripple War

Nasdaq-Listed Eqonex Closing Crypto Exchange Due to High Competition, Fallen Volumes

Binance Obtains In-principle Approval to Operate With Cryptocurrencies in Kazakhstan

Finance Ministry wants the public's opinion on targeted fuel subsidies in survey

OTHER TECH NEWS

Top Car News Car News