In Paraguay, legal crypto miners are urging the state electricity board to reconsider an electricity price hike scheduled for August 1. Capamad spokesperson Jimmy Kim warns that this increase could drive 70% of legal miners out of business.
Historically, Paraguay has been known for its low electricity costs, attracting miners to set up operations. This potential price rise represents a significant shift in the landscape for the industry, with many fearing this could mark the end of a thriving sector.
Unlike other countries, Paraguay’s inexpensive hydroelectric power has enabled a unique mining ecosystem, benefiting local economies. With around 70% of miners at risk, the economic implications are severe, potentially resulting in job losses and decreased investment in the region.
Addressing this issue is crucial for sustaining Paraguay’s position as a key player in the global crypto mining market.
For further details, you can read the full article [here](https://cointelegraph.com/news/paraguay-miners-urge-state-electricity-board-to-reconsider-upcoming-price-hike).
