The authorities took action against a Bitcoin mining farm that hosted 2,738 Bitcoin miners and five electric transformers, which were confiscated by the authorities. Supervisory and control systems and AI-backed software helped detect these illegal Bitcoin mining farms. According to the report published in a vernacular daily, Paraguayan authorities have confiscated 400 bitcoin mining machines in the town of Sapucay. Power-consuming crypto mining is a controversial subject in Paraguay, and a bill to prohibit crypto mining and other crypto-linked activities in Paraguay is being passed.
Artificial intelligence coupled with power distribution analysis was used to find the electricity theft in Paraguay. Four criminal cases have been registered against the operators of the illegal farm in Paraguay. A huge majority of Bitcoin miners are ignorant about the consequences of stealing energy, and the latest incident reminds them. All of the government actions were carried out with the cooperation of multiple agencies, including the Paraguayan Police. Paraguay is often referred to as a crypto goldmine due to its rich hydropower supply, but it lacks a robust base for cryptocurrency activities.
The provision regarding the ban on mining was opposed by the then-Paraguayan President in 2021. A bill to ban the creation, storage, and conservation of cryptocurrency assets threatens the cryptocurrency industry in South American countries. The bill sheds light on the illegal mining happening in the country, and it is a fact that the temporary bill is sidelined. Paraguay is the hub of Bitcoin mining facilities, and mining majors like Marathon Digital and Bitfarms operate from there.
Argentine officials and El Salvador authorities exchange ideas on Bitcoin adoption and regulation
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Argentina plans to collaborate with El Salvador in the Bitcoin and cryptocurrency space. Their cryptocurrency regulatory body officials had a candid discussion regarding Bitcoin regulation and Bitcoin adoption. The experience of El Salvador with Bitcoin and Bitcoin’s adoption as a legal tender were the major topics of discussion during the Argentina El Salvador debate. The head of the Argentina delegation mentioned El Salvador’s rich experience in the crypto asset arena. It is worth mentioning that El Salvador is the first country in the world to adopt Bitcoin as a legal tender.
Argentina has inspiring ambitions to capitalize on the huge value of Bitcoin, and the global crypto industry has been on an upward growth trajectory in recent years. They are pursuing all possible avenues to explore the opportunities of signing collaboration pacts with El Salvador. It is a well-known fact that Argentina is one of the biggest economies in the Latin American continent.
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Argentina is switching to Bitcoin due to financial instability and dependence on the American dollar. El Salvador has made remarkable achievements in the cryptocurrency ecosystem and reaffirms their commitment to using Bitcoin as a payment and financial tool. They released smart Bitcoin products like Bitcoin bonds and volcano-empowered Bitcoin mining.
