NEWS Paraguay Warns About Growth of Illegal Bitcoin Mining Operations and Effect on Power Stability of the Country

[Google News Bot]

The growth of illegal bitcoin mining operations could affect the stability of the power system in Paraguay, according to statements from the National Power Administration. The boom the country is experiencing is taking its toll on the power system, with many miners plugging in illegally and consuming high amounts of power without making payments. Paraguay Underground Mining Operations Grow Paraguay’s popularity as a country with cheap power tariffs for bitcoin mining is hurting the electric grid and might work against the stability of the power system in the country. ANDE, the National P ...

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[Sotherefore]

I wouldn't be surprised about this because mining of cryptocurrency requires a huge amount of electricity. I was surprised to find out that mining of cryptocurrency requires the highest electricity compared to what the google company is using.

 

[HayKay]

The whole Bitcoin and crypto currency is beginning to look like a stunt and an organized crime. If countries can begin to complain of power supply being Tampered with, what's left for the owner to hack more.

 

[Sincerem]

The whole Bitcoin and crypto currency is beginning to look like a stunt and an organized crime. If countries can begin to complain of power supply being Tampered with, what's left for the owner to hack more.

Cryptocurrency consumes a lot of power , so if most organisations are operating mining companies without the consent of the government it will definitely have effect on power stability in any country.

 

[HayKay]

Cryptocurrency consumes a lot of power , so if most organisations are operating mining companies without the consent of the government it will definitely have effect on power stability in any country.

But thinking of it in another light, these companies pay tax to the government; if the government collects these taxes and complain then it's double standard. They should ban crypto outrightly and then they can complain.

 

[Skysaint]

I hav come to terms with the fact that mining us actually a necessity for the cryptocurrency market but then again, I think they shouldn't be illegal about this and try to respect the policies of the location they would want to mine from.

 

[Sincerem]

But thinking of it in another light, these companies pay tax to the government; if the government collects these taxes and complain then it's double standard. They should ban crypto outrightly and then they can complain.

Yes that's another points too, but if any company is using government property then definitely such organisation may not be paying tax to the government because I believe for the government to said that indicate that they didn't know about their operation.