Paraguay Proposes Harsh Penalties for Illegal Bitcoin Mining

The Paraguayan government is urging lawmakers to pass a bill that would impose up to 10 years in jail for illegal bitcoin miners, in response to the large amounts of electricity theft threatening the state-owned National Electricity Administration (ANDE). The bill includes provisions for Paraguayan police and prosecutors to seize and sell off mining equipment from illegal operations, aiming to protect ANDE from energy theft which has resulted in significant financial losses. Amidst this crackdown, over 5,000 ASIC miners have been confiscated this year, and there’s also legislative momentum potentially leading to a temporary ban on bitcoin mining in the country.