Paraguayan authorities have deported three undocumented Chinese immigrants after they were caught attempting to steal cryptocurrency mining equipment from a facility near the Itaipu hydroelectric dam. The individuals, Jinping Duan, Tian Jianyun, and Zheng Guanglong, were found breaking into a locked section of Teratech SA’s facility in Coronel Bogado.
Officials believe they may have entered Paraguay illegally through Brazil or Bolivia and had been in the country for several months, possibly working as programmers. Another suspect, Nahun María Velázquez Garcete, a legal resident of Paraguay, was arrested and charged with aggravated theft. Authorities suspect more individuals may have been involved, and the investigation is ongoing.
Paraguay has become an attractive destination for cryptocurrency mining due to its abundant hydroelectric power, particularly from the Itaipu Dam, which provides cheap and renewable energy. The country is currently experiencing significant growth in the sector, with over 400 MW in mining projects awaiting approval. Despite concerns over rising electricity costs, Paraguayan authorities have reassured that no major mining companies have exited the country.
However, there are ongoing discussions about stricter regulations for Bitcoin mining, including a proposed temporary ban on mining and cryptocurrency trading due to concerns about illegal operations. This proposal is still under review and has not yet been passed into law.
