Paraguay Toughens Penalties for Illegal Bitcoin Mining
Paraguay's parliament is set to address a pressing issue: illegal Bitcoin mining operations causing significant power theft and grid overload. The state-owned electricity company has suffered substantial financial losses. Over 5,000 ASIC miners have been confiscated by police so far. The president's spokesperson has tabled a bill to penalise these operators, with potential prison terms of up to 10 years.
The proposed law aims to deter illegal Bitcoin mining by imposing severe penalties. Operators caught stealing power for mining could face lengthy imprisonment. The bill also empowers police and prosecutors to seize and auction the illicit mining equipment, with the proceeds compensating the affected electricity company. Legal operators, who comply with power purchase regulations, are unaffected by this legislation.
The Paraguayan parliament is expected to decide on this urgent matter soon. The bill, if passed, will significantly toughen penalties for illegal Bitcoin mining operations, helping to protect the power grid and the state-owned electricity company.
Read also:
- State Supreme Court Rules in Favor of Hogg Hummock Residents, Referendum on Zoning Change to Proceed
- Germany's Coalition Explores Social Security Reforms Amid Record Spending
- Hundreds of Steelworkers and Metalworkers Protest in Duisburg for 4% Pay Hike
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
