- Paraguay’s legal authorities have seized large quantities of illegal Bitcoin mining machines.
- Miner income continued to decline.
Bitcoins [BTC] the recent price surge has sparked optimism in the crypto market, especially among BTC bulls.
However, the recent regulatory scrutiny of miners in Latin America and other parts of the world could impact the price of BTC and hinder the current rally.
Miners on the run
Authorities in Ciudad del Este, Paraguay, have seized 450 Bitcoin mining machines (ASICs) from a warehouse in the Caacupemi neighborhood of Hernandarias district.
This latest operation brings the total number of mining equipment seized in the country this year to more than 10,000, matching Venezuela’s total.
The 450 ASICs were discovered on the 26th in a mining operation discovered by the National Electricity Administration (ANDE).
With more than 70 raids conducted to date, Paraguay has solidified its position as a leading country in intercepting illegal Bitcoin mining activities.
An official statement reveals that ANDE authorities have discovered an apparent storage facility for equipment and materials intended for the construction of cryptocurrency mining operations.
The power plant has therefore formally requested an extensive investigation by the Public Prosecution Service into this matter.
Intriguingly, equipment that had previously disappeared from another location was also discovered, specifically at Estancia Santa Monica, located at kilometer 46 along Route PY07.
A recent operation targeting a cryptocurrency mining facility ended in failure when the owners, apparently tipped off about the raid, managed to abscond with the valuable ASIC processors before authorities arrived.
Complaints are filed
In a separate development, Paraguayan authorities in Hernandarias have filed twenty criminal complaints related to illegal cryptocurrency mining activities.
These investigations have led to the seizure of more than 10,000 Bitcoin mining machines, a figure almost equal to the total amount seized in Venezuela, based on official reports.
Read Bitcoin’s [BTC] Price forecast 2024-25
Paraguay’s vast hydropower potential, mainly from Itaipu, once attracted Bitcoin miners. However, the government’s crackdown on illegal mining companies has exposed widespread energy theft and possible official involvement.
Bitcoin mining activity is declining
At the time of writing this article, the general condition of the miners did not look positive. Daily revenue from miners fell from $53 million to $34 million last week.
Source: Blockchain.com