Capamad spokesperson Jimmy Kim claims that the electricity price increase, set for Aug. 1, may force 70% of legal crypto miners out of business.
Crypto miners in Paraguay are urging the government to reconsider the impending electricity price hike, arguing that it will harm the country’s economy and could result in losses of up to $1.5 billion.
On July 19, the Administración Nacional de Electricidad (ANDE), Paraguay’s national electricity grid operator, announced in a press conference that it would continue its planned electricity price increase for legal crypto miners.
According to ANDE, the price increase will take effect starting on August 1.
