Paraguayan lawmaker's proposed Bitcoin mining ban could cost it more than $200 million a year

If Paraguayan lawmakers pass a recently proposed bill to ban cryptocurrency mining, the country's economy could lose more than $200 million a year. It is reported that Paraguayan lawmakers recently submitted a bill to impose a ban on Bitcoin mining and other businesses for at least 180 days. In response, Jaran Mellerud, co-founder and chief mining strategist at Hashlabs Mining, said that assuming the country has 500 megawatts of legal mining equipment and an operating cost of $0.05 per kilowatt-hour, banning Bitcoin mining could cause Paraguay to lose more than $200 million a year. Mellerud believes that Bitcoin mining has "made a significant and positive contribution to Paraguay's trade balance" so far. (Cointelegraph) Earlier, several Paraguayan lawmakers proposed a bill to temporarily ban the country's cryptocurrency mining operations because it uses a lot of electricity resources. The bill, submitted to Congress on April 3, proposes a 180-day ban on the operation and deployment of cryptocurrency mines and other businesses involving cryptocurrency assets. The ban may be extended until laws regulating these activities are enacted.