- Paraguay has now confiscated a total of 10,000 Bitcoin mining machines in 2024, cracking down on illegal mining operations in the country.
- The recent raid and multiple investigations have revealed widespread energy theft and potential official complicity in illegal Bitcoin mining activities.
In one of the biggest crackdowns on Bitcoin miners operating in Latin America, authorities in Ciudad del Este, Paraguay, have seized 450 Bitcoin mining machines (ASICs) stored in the warehouse in the Caacupemi neighborhood of Hernandarias district.
This operation is one of several operations conducted this year with Paraguay authorities seizing a total of 10,000 Bitcoin mining machines so far in 2024. As per reports, Authorities discovered these 450 ASICs in a mining farm uncovered by the National Electricity Administration (ANDE).
With more than 70 raids since the beginning of 2024, Paraguay has emerged as a leader in tackling illegal Bitcoin mining operations in the country. ANDE authorities have recently discovered a storage facility housing equipment and materials for cryptocurrency mining. In response, the power plant has formally requested a thorough investigation by the Public Prosecutor’s Office into the matter.
Interestingly, the authorities discovered equipment that previously vanished from other locations specifically at Estancia Santa Monica, situated at kilometer 46 along Route PY07.
Another such operation targeting a crypto mining facility ended in failure when the owners, tipped off about the raid, managed to abscond along with their ASIC processors even before the authorities arrived.
In a separate development, authorities in Hernandarias, Paraguay, have filed 20 criminal complaints concerning illegal cryptocurrency mining activities. The country’s vast hydropower resources, particularly from the Itaipu dam, had initially attracted Bitcoin miners. However, a government crackdown on these illegal mining operations has uncovered extensive energy theft and potential involvement of officials.
Besides amid rising costs of Bitcoin mining in Paraguay, Argentina is now emerging as an attractive destination for BTC mining activities in Latin America, reported CNF.
Bitcoin Mining Activity on A Drop
There’s been a drop in the Bitcoin mining activity recently with the daily miner revenue collection dropping from $53 million to $34 million in the last week. On the other hand, the Bitcoin miners have been taking benefit of the BTC price rally to $65,500 earlier this week. As of press time, Bitcoin price is trading 1.0% down at $64,057 with a market cap of $1.2 trillion.
Taking the benefit of this current BTC price surge, the BTC miners have sold nearly 2,000 bitcoins over the past week, as per popular crypto analyst Ali Martinez.
On the other hand, Bitcoin’s hashrate is nearing all-time highs, and profitability conditions are gradually improving. The hash ribbons indicator, which monitors the 60-day and 30-day rolling hashrate, reveals that although miner capitulation is still occurring, the overall hashrate is beginning to increase once more. As reported by CNF, Donald Trump has vowed to protect the Bitcoin mining industry if he becomes the next US President.
Interestingly, the Bitcoin network activity has also surged recently matching up to giants like Visa and Mastercard, per the Crypto News flash report.
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