Bitcoin

The Paraguayan Senate has approved an amendment to Article 173 of the Penal Code, introducing severe penalties for unauthorized Bitcoin mining operations. This legislation, presented by Senator Ever Villalba, targets those who illegally tap into the electricity grid for mining purposes, imposing jail terms of up to 10 years and mandating the confiscation of ASIC <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/">mining equipment</a> involved, according to <a href="https://www.crypto-news-flash.com/paraguay-endures-crackdown-on-illegal-bitcoin-mining-with-harsh-penalties/">Crypto-news-flash</a>. 
The measure received strong support in the Senate, passing with 29 votes in favor and 7 abstentions, and now moves to the Chamber of Deputies. If approved, it will proceed to President Santiago Peña for signing into law or veto. This legislative action aims to regulate the misuse of electrical power without criminalizing the cryptocurrency mining industry. 
Senator Villalba emphasized that the goal is to control the irregular use of energy, which poses significant financial threats to the country's electrical infrastructure. The amendment aims to curb the unauthorized and fraudulent activities associated with Bitcoin mining, which has been a growing concern due to the strain it places on the national power supply. 
In addition to this bill, there are four other legislative proposals related to Bitcoin mining under consideration in the Paraguayan <a href="https://ultramining.com/news/en/proposed-30-crypto-mining-tax-dropped-in-debt-ceiling-deal/">Congress</a>. These include proposals that advocate for a complete ban on the activity within the country, reflecting a broader effort to regulate digital mining practices and promote responsible resource use. 
This move by the Paraguayan Senate is part of a larger strategy to safeguard essential public utilities and ensure the responsible integration of cryptocurrency mining into the nation's energy infrastructure. The outcome of these legislative efforts will significantly impact the future of Bitcoin mining in <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/">Paraguay</a>.

Paraguay Enforces Stricter Penalties for Illegal Bitcoin Mining

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