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International Business Times
International Business Times
Business
Marvie Basilan

Paraguay Introduces Bill To Curb Crypto Mining As Power Grid Struggles

Crypto-mining requires vast amounts of energy and processing power. (Credit: Courtesy of Dennis Wong / Dennis Wong)

KEY POINTS

  • The bill proposes a temporary ban on the installation of new crypto mining farms
  • Some experts have said raised concerns about the bill's potential to stall crypto innovation
  • The government has said crypto mining activities contributed to outages across the country

The hot weather and alleged "undeclared" use of energy by some crypto miners has pushed Paraguay's power grid to the brink, and some lawmakers believe one way to resolve the issue to temporarily put brakes on the growth of the country's cryptocurrency mining sector.

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