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<ul><li>Hashlabs Mining co-founder Jaran Mellerud warns that banning Bitcoin mining in Paraguay could result in over $200 million yearly losses.</li><li>The draft bill introduced on April 4 seeks a temporary 180-day ban on crypto mining to address electricity disruptions from unauthorized power usage.</li><li>According to Mellerud, the legislation&#39;s broad scope could inadvertently affect the legal crypto-mining economy, impacting major players.</li></ul>Jaran Mellerud, co-founder and chief mining strategist of Hashlabs Mining, says Paraguay could potentially experience economic losses exceeding $200 million if the nation moves forward with a legislative proposal to ban cryptocurrency mining. Mellerud’s comments follow a <a href="https://silpy.congreso.gov.py/web/expediente/130831" rel="noopener noreferrer nofollow">draft bill</a> introduced on April 4 that aims to place a temporary ban on cryptocurrency mining operations.Mellerud emphasized the importance of Bitcoin mining to the national economy. He argued, &#34;Banning Bitcoin mining could cost Paraguay more than $200 million a year,&#34; adding that legal mining operations currently consume around 500 megawatts at an operating expense of $0.05 per kilowatt-hour.The bill was motivated by disruptions to the electricity network attributed to unauthorized mining activities. As such, it proposes a 180-day ban on crypto mining until new regulations are established. This period is intended for the national power grid operator ANDE (Paraguay’s National Electricity Administration) to ensure sufficient energy supply.<a href="https://cryptotale.org/hashlabs-co-founder-raises-alarm-over-paraguays-crypto-mining-ban/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Hashlabs' Co-founder Raises Alarm Over Paraguay's Crypto Mining Ban

CryptoTale

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