Senator Praises Bitcoin Mining as Economic Boost Amidst Ban Discussions in Paraguay
Senator Salyn Buzarquis of Paraguay has sparked a debate with his praise for Bitcoin mining as a “gift from heaven” to the economy amidst discussions about potentially banning the industry. The Senator argues that the surplus electricity from the Itaipu dam could be better utilized by selling it to crypto mining companies, generating higher returns than selling to Brazil.
According to Buzarquis, the mining industry currently generates $100 million a year and is expected to reach $125 million in 2025. This revenue not only benefits the energy administration but also local businesses that provide services to the mining companies. The Senator believes that this income will help avoid bankruptcy for the energy administration and allow for further investment in infrastructure without increasing electricity prices for the people of Paraguay.
The recent halving of Bitcoin rewards has historically led to a shakeup in the mining industry, favoring larger and more efficient operations. With an anticipated supply shock and rising demand, experts predict that BTC prices could reach new all-time highs in the coming months, with estimates ranging from $100,000 to $250,000.
At the time of writing, BTC is trading at $64,370 after a 1% increase in the last 24 hours. This positive momentum has investors cautiously optimistic about the future of Bitcoin and the potential benefits it could bring to Paraguay’s economy. As the debate over Bitcoin mining continues, all eyes will be on how the country chooses to navigate this rapidly evolving industry.
