After Paraguay increased electricity prices for crypto mining by 14%, many mining companies moved to Argentina

Odaily News Paraguay’s bitcoin mining industry is at risk of having a large portion of it emptied out. Industry insiders say recent increases in bitcoin mining fees in the country are causing miners to rethink their strategies locally, as conditions in other countries are better. The 14% electricity price hike may be too high for some companies that have already been looking for alternative regions in countries such as Brazil and Argentina. One of the projects is a joint venture between Argentinian and Brazilian companies that will now move to Argentina’s Zapala region to take advantage of energy incentives for setting up companies there. The joint venture between Zapala Mining and Patagonia 360 will seek to exploit the possibility of bitcoin mining using unconventional energy extraction methods at Vaca Muerta, one of Argentina’s largest oil fields. The project aims to reach 200 megawatts of capacity by 2026, starting with an 8 megawatt target in October. This is not the only project that is seeking to relocate to other countries after recent fee increases. Fernando Arriola, president of the Paraguayan Fintech Chamber, revealed that several companies have signed documents to operate in Argentina. (Bitcoin.com) Earlier news, the Paraguayan National Electricity Administration (ANDE) increased electricity prices for cryptocurrency mining operators by 14%, affecting the profitability of such companies. The lack of clarity in the field has led to the withdrawal of a company that planned to invest more than $400 million in Paraguay.