Argentina will start increasing electricity fees for cryptocurrency mining on August 1

ChainCatcher news, the Argentine Ministry of Economy has released a list of electricity rates, which will increase the electricity costs for cryptocurrency mining. The document stipulates that the cost for mining activities is 17,240 Argentine pesos per megawatt-hour, approximately 63.3 USD. Meanwhile, residential energy enjoys a 70% subsidy, priced at about 11.3 USD per megawatt-hour. The revised rates will take effect on August 1 and will last until October 31, 2023, at which point they may be changed again.