Paraguayan government will arrest illegal Bitcoin miners for “up to 10 years”

Published

8 months ago

20 May, 2024

Paraguay Gov’t Looks to Jail Illegal Bitcoin Miners for ‘Up to 10 Years’

Last updated: May 19, 2024 7:30 pm EDT | 2 minutes reading

The government of Paraguay will ask lawmakers to approve a bill that proposes the arrest of illegals Bitcoin (BTC) miners for up to 10 years.

Presidential spokeswoman Paula Carro told reporters on Friday, May 17, that the government sent the bill to parliament “urgently.”

10 years in prison: Illegal Bitcoin miners face longer prison sentences

Carro said the project aims to “punish” illegal miners with “several years in prison”.

The bill will also allow the Paraguayan police and Public Ministry to confiscate mining equipment from illegal operators.

Per CryptonewsCarro also said that the project “seeks to protect the state-owned National Electricity Administration (ANDE)”.

She added that the “theft of large amounts of energy by illegal Bitcoin mining operators” posed a “threat” to ANDE.

The terms of the bill allow courts to impose “a maximum penalty” of a decade in prison “for the crime of energy theft.”

The proposals also allow ANDE to ask the police to seize mining platforms and sell them, with the state company being “the beneficiary of the proceeds”.

The Paraguayan government continues to attack illegal bitcoin miners who steal electricity. Today, the Executive Branch, through the voice of President Paula Carro, announced that it will send bills to Congress to inactivate equipment and establish auction penalties… pic.twitter.com/Tbt7MVKby7

— Joaquin Morinigo 🇵🇾🏴‍☠️⚡️ (@criptoboi) May 17, 2024

Bitcoin mining has grown in Paraguaywhere the legislators fought to bring it into the legal sphere.

The country has considerable energy resources that BTC miners consider ideal – namely surplus hydroelectric power.

However, in recent years, many miners based in Paraguay have sought to create illegal connections to the networks.

And energy providers have complained that they face overloads and other problems.

The police responded by launching a crackdown. Since the beginning of this year, officials have seized more than 5,000 ASIC miners.

The Yacyretá Dam, an important source of Paraguayan electricity. (Source: Eby gov py [CC BY-SA 2.5])

Crackdown: Illegal Bitcoin miners face police action

ANDE has participated in around 17 attacks on illegal BTC and altcoin mining farms across the country since the beginning of 2024.

This also led to a flurry of activity in parliament. At least 14 lawmakers supported a private member’s bill this would effectively ban Bitcoin mining in the country.

The bill proposes a “temporary” block on BTC mining “until the problem of illegal mining is resolved.”

However, this bill has not yet passed the committee stage and it is not certain that it will reach the Chamber for a vote.

If the government succeeds with its own bill, this private member’s bill will likely be shelved.

Paraguay’s central bank kept its benchmark interest rate unchanged at 6%, citing growing uncertainty over oil prices and the timing of US rate cuts. https://t.co/nUW8lF2fSW

– Bloomberg Markets (@markets) April 22, 2024

The government’s bill has the support of the Public Ministry, ANDE and the Paraguayan Judiciary.

She concluded that illegal BTC mining “resulted in losses worth millions of dollars” for Paraguayan energy suppliers.

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What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

Fuente

Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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