The Bolivian government announced on Tuesday, February 3, that it is working on a package of laws aimed at strengthening the national economy and sustainable development by attracting domestic and foreign investment.

The South American nation seeks to “strengthen international cooperation and guarantee legal certainty” through investments in key sectors such as energy, hydrocarbons, and mining.

José Luis Lupo, Minister of the Presidency, stated that these “legislative initiatives seek to provide long-term legal support for the decrees recently approved by the Executive Branch, which are aimed at boosting the economy and creating a more predictable environment for investors.”

Lupo explained that the package of laws will be sent to the Legislative Assembly for the evaluation of “projects related to international loans secured by President Rodrigo Paz Pereira from multilateral organizations such as the Development Bank of Latin America and the Caribbean (CAF) and the Inter-American Development Bank (IDB).”

He emphasized the country’s goal of “overcoming regulatory barriers, reducing bureaucracy, and strengthening the rule of law, with the aim of creating favorable conditions for investment, technology transfer, and export growth.”

M.Pino

Source: spanish.xinhuanet

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La entrada Bolivia prepares package of laws to attract investment in strategic sectors apareció primero en Bitfinance.

In its most recent Monthly Index of Economic Activity (Imacec), the Central Bank of Chile reported economic growth of 2.5 % in April.

This percentage is above the estimates from the latest Economic Expectations Survey (EEE), which predicted a 2.10 % growth in activity.

“The new Imacec result was explained by the growth of all its components, with the performance of mining and services standing out, while the seasonally adjusted figure was decisive for mining,” according to the report, which also cites the non-mining Imacec, placing it at 1.8 %, while the seasonally adjusted figure rose 0.3 % in one month and 2.4 % in twelve months.

The production of goods and services showed annual growth of 4.6 %, while trade grew 3.9 % annually. The automotive sector saw the highest vehicle sales. “The seasonally adjusted figures showed a contraction of 0.5 % compared to the previous month, impacted by the results of wholesale and automotive trade.”

M.Pino

Source: biobiochile

(Reference image source: Michelle Celedon on Unsplash)

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La entrada Chile’s economy grew 2.5 % in April apareció primero en Bitfinance.

The Vice President of Venezuela and also Minister of Hydrocarbons, Delcy Rodríguez, met on Friday, February 14, in Istanbul, Turkey, with the Turkish Minister of Energy, Alparslan Bayraktar, to review the agreements between both nations on oil, natural gas and mining.

Both officials discussed the steps to strengthen energy cooperation. In this regard, Minister Bayraktar said in X: “At this meeting we talked about the work we have carried out within the framework of the agreements on cooperation in the oil, natural gas and mining sectors signed last year” and added that the objective is “to take relations even further through cooperation in these sectors.”

The Venezuelan Minister of Hydrocarbons arrived in Istanbul from India, where she was to participate in Energy Week in New Delhi.

Over the past few years, the presidents of Turkey and Venezuela, Recep Tayyip Erdogan and Nicolás Maduro, have held various talks and deepened the alliance and friendship, “but bilateral trade remains relatively unimportant and Venezuela is not among Turkey’s oil supplying countries.”

M.Pino

Source: bancaynegocios

(Reference image source: Maksym Kaharlytskyi on Unsplash)

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La entrada Venezuela and Turkey agreed on cooperation measures in the energy sector apareció primero en Bitfinance.

Peru’s Minister of Economy and Finance, José Arista, indicated this week that the country could close 2024 with 4 % economic growth and a Gross Domestic Product of 3.2 %.

The projection is based on the growth, although uneven, of other sectors, such as “fishing, agriculture, mining and construction, whose progress will stand out in the last quarter of the year.”

The minister has underlined the confidence of the authorities towards the positive performance of the national economy as a whole for 2025 and noted that in 2024 business expectations changed for the better. “Before, the investment rate was negative and this 2024 it would grow 2 %.”

“For next year we think it will increase by more than 5 %, that is, about US$ 50,000 million of private investment,” he said.

M.Pino

Source: americaeconomia

(Reference image source: Peter Wendt on Unsplash)

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La entrada Peru expects to close 2024 with 4 % economic growth apareció primero en Bitfinance.

Two American countries could ban Bitcoin. Costa Rica will propose a bill that restricts the use of cryptocurrency in daily transactions and Paraguay is in favor of eliminating the mining of this digital currency, since the high consumption of electrical energy affects the service to the population.

Bitcoin at risk in Costa Rica

In the case of Costa Rica, according to Cointelegraph, representative Johana Obando Bonilla has highlighted the introduction two years ago in the National Assembly of a comprehensive bill to legitimize the use of cryptocurrencies in the country.

Recently, discussions have advanced about limiting the ability of Costa Ricans to freely use cryptocurrency as a means of payment for daily transactions.

The controls would be focused on aspects such as “the integration of standard know-your-customer (KYC) and anti-money laundering (AML) controls by companies in the sector.”

Although Congresswoman Obando has emphasized the need for a legal framework that provides security and prevents money laundering, she has also warned that the new regulation could encourage the emergence of a clandestine market.

The Central American country seeks to establish the rules “for the exercise of activities related to the new class of assets”, as well as the “guidelines for the use and taxation of mining, marketing, custody, payments and other activities with digital currencies.”

Paraguay wants to limit bitcoin mining

Authorities in the country are weighing the consumption of electrical energy from BTC mining and how it affects the service to the population. In this sense, on April 4, legislators introduced a bill arguing that bitcoin mining steals energy and interrupts electrical service.

Although the restriction could cause the country to lose more than USD 200 million annually, if approved “it will last 180 days or until new laws are enacted and the national electricity grid operator can guarantee that it supplies enough energy.”

According to Hashlabs Mining co-founder and chief mining strategist Jaran Mellerud, “banning bitcoin mining could cost Paraguay more than $200 million a year, assuming the country has 500 megawatts of legal miners paying $0.05 per kilowatt-hour in operating expenses.”

Regarding electricity consumption, it is alleged that the Itaipú dam is the favorite place for mining, “since it supplies all of Paraguay’s local electricity needs and leaves a large surplus that can be used.”

In fact, the surplus produced by the dam “has been exported to Brazil at low prices. However, Mellerud noted that a wave of bitcoin miners has flocked to such electricity, paying slightly higher prices in recent months.

The legislators argue that since February, they have counted 50 electricity supply interruptions related to the illegal exploitation of these sources of electricity for BTC mining. On the subject, the National Electricity Administration of Paraguay “estimates that each cryptocurrency mining operation has caused damage and losses of up to USD 94,900 and that the total annual losses in the Alto Paraná area – where the Itaipú power plant is located – could amount to USD 60 million.”

M.Pino

With information from Cointelegraph and Diariobitcoin

(Reference image source: Michael Förtsch in Unsplash)

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La entrada Bitcoin at risk in Costa Rica and Paraguay apareció primero en Bitfinance.

Dropbox announced the end of its ‘as much space as you need’ policy, removing unlimited storage from its Dropbox Advanced plan to curb illegitimate activities by users using this service to mine cryptocurrency or resell storage.

The Dropbox Advanced subscription plan was designed specifically for use with businesses, so they don’t have to worry about regularly expanding storage as their needs and equipment grow.

Thus, one of the most notable features of the Advanced plan was that the teams had access to all the storage they needed, in addition to administration, auditing, security and integration functions.

Now, as of this Friday, customers who purchase a Dropbox Advanced plan will not have this unlimited storage feature, since the company has announced its cessation to curb illegal activities that were carried out at the expense of this service, such as the cryptocurrency mining.

As Dropbox detailed in a statement on its website, in recent months they have identified “an increasing number” of customers who purchase an Advanced subscription plan for purposes such as cryptocurrency and Chia mining, storage pooling for personal use, and storage resale.

In fact, as they highlighted, these activities consumed “thousands of times more storage” than typical customer and business usage. In this framework, the company has ruled that this type of use creates a “risk” for its customers, causing its service to be “an unreliable experience” and that, therefore, they have decided to “prohibit abusive behavior.”

Source: dpa

(Reference image source: Annika Wischnewsky, Unsplash)

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La entrada Dropbox will fight cryptocurrency mining on its platform apareció primero en Bitfinance.

Volcano Energy, a leading renewable energy company, has announced an impressive $1 billion investment to carry out an ambitious Bitcoin mining industry project in El Salvador.

In a statement posted on Twitter by President Nayib Bukele, it was revealed that the total commitment for this project reaches $1 billion, with an initial investment of $250 million led by prominent players in the Bitcoin industry. This collaboration also includes renowned renewable energy developers and manufacturers, as well as global Bitcoin mining experts.

Both the Government of El Salvador and Volcano Energy are demonstrating their determination to forge a prosperous future based on sustainable energy, technological innovation, and leadership in the Bitcoin mining industry. This initiative is part of the efforts of the Salvadoran government to consolidate its economic commitment around the adoption of Bitcoin as the official currency along with the US dollar, a pioneering measure that was implemented in September 2021.

Although the precise details about the implementation of this measure are being kept confidential, including the management of a fund of 150 million dollars, the available information has been obtained mainly through the messages on Twitter of President Bukele, who has shared updates on the progress of the project.

In short, Volcano Energy’s $1 billion investment represents a significant step on the path to a prosperous future for El Salvador, based on sustainable energy and leadership in the Bitcoin mining industry, supported by strategic collaboration with leading experts in the field.

K. Tovar

Source: Descifrado

(Reference image source: Shubham Dhage, Unsplash)

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La entrada Volcano Energy will invest in cryptocurrency miners for El Salvador apareció primero en Bitfinance.

Cryptocurrency-based financial services company BlockFi, which has filed for bankruptcy before US authorities, has been cleared by the bankruptcy court to sell its crypto mining equipment and other physical assets in order to raise around $5 million dollars.

The assets will be sold at an auction in which there was a lot of interest for the physical equipment. Part of the assets will be acquired by an entity called US Farms.

It should be noted that the firm received authorization at the end of January to organize the auction. At the time, BlockFi’s lawyer claimed that they were interested in doing so as soon as possible, to take advantage of the current interest among mining companies and services to get hold of their high-end equipment.

Although the estimated price of the devices in his possession was around $160 million, the associated value has dropped dramatically over the last year due to many of these being ASIC machines. It is important to mention that the US managed a rather incisive policy on cryptomining activities, promoting the use of renewable energies and trying to mitigate the carbon footprint they generate.

BlockFi continues with its bankruptcy process to gather sufficient assets and honor commitments made to creditors and users who were affected by the insolvency it went through in 2022. In January of this year, the court granted permission to BlockFi to use part of its capital and make more competitive salary proposals to its workers.

K. Tovar

Source: Diariobitcoin

(Reference image source: file)

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La entrada BlockFi will sell its mining equipment apareció primero en Bitfinance.

BlockFi, the bankrupt cryptocurrency lender, has begun receiving offers for its mining business assets and expects more before its February 20 deadline.

According to BlockFi’s lawyer, Francis Petrie, the company wants to get offers as soon as possible to take advantage of current market conditions.

The auction will take place about a week later, and any proposed deals will be submitted for approval in March. BlockFi filed for bankruptcy in November with plans to sell or reorganize its business to repay its creditors.

Unsold assets will be reorganized as part of a proposal to exit bankruptcy. The company was a major financier of bitcoin miners who have been hit by low cryptocurrency prices and high electricity costs, through loans backed by mining equipment.

Profitability has increased in recent months due to lower energy costs. The bankruptcy of bitcoin miners and lenders has created a growing market for distressed assets.

Companies like Bitdeer and Grayscale have set up funds and entities to invest in distressed Bitcoin mining hardware.

K. Tovar

Source: Diariobitcoin

(Reference image source: file)

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La entrada BlockFi starts selling mining assets apareció primero en Bitfinance.

The National Electricity Administration (ANDE) of Paraguay announced an increase in the rates of the “special intensive consumption group”, where cryptocurrency mining stands out.

Decree 7,824, with resolution 46,984, establishes that miners must pay rates between 6 % and 58 % higher than those established, which depend solely on voltage levels and consumption during peak load hours.

In relation to the voltage levels, an increase in the electricity rate of 26 % is established for the supply in the 220 KW line, 36 % in the 66 KW line, 41 % – 58 % in the 23 KW line.

In addition, if they work 24 hours a day, without reducing their demand during peak consumption hours, the increase in rates that miners will register will be 26 % to 58 % higher than that of regular users. On the other hand, if the equipment is disconnected during peak charging hours, the rate will be a little lower than that quoted, but between 6 % and 32 % higher than that of the rest of the users.

K. Tovar

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Source: Diariobitcoin

La entrada Paraguay raises electricity rates for mining apareció primero en Bitfinance.