Bitcoin mining companies are starting to shift from Paraguay to Argentina due to rising electricity costs

ChainCatcher news, according to Bitcoin.com, the National Electricity Administration of Paraguay (ANDE) has recently raised electricity prices, prompting Bitcoin mining companies to seek alternatives in neighboring countries such as Argentina and Brazil.

A joint venture between companies in Argentina and Brazil recently announced an 8-megawatt plan aimed at generating 200 megawatts of power by 2026. Fernando Arriola, president of the Paraguayan Fintech Chamber, announced that several companies have signed documents to move their operations to Argentina.