Paraguay Nabs Crypto Mining Ring Near Itaipu Dam—3 Deported, 1 in Cuffs

Authorities crack down on illegal crypto mining operation tapping into one of the world’s largest hydroelectric power sources. Turns out free energy isn’t actually free—especially when you’re stealing it.

Three suspects deported, one arrested. Because nothing says ’bullish on Bitcoin’ like getting caught with your hands in the grid.

Meanwhile, Wall Street still can’t decide if crypto is a scam or the future. Maybe both?

Three Chinese Nationals Deported in Paraguay

Three of the suspects, identified as Chinese nationals Jinping Duan, Tian Jianyun, and Zheng Guanglong, were deported after authorities discovered they had no official entry records.

Investigators believe they may have entered Paraguay illegally through Brazil or Bolivia.

The fourth suspect, Nahun María Velázquez Garcete, is a Paraguayan resident and is facing charges of aggravated theft.

He is currently in pretrial detention after being hospitalized in critical condition. The nature of his injuries remains undisclosed.

Authorities suspect that the group may have had prior ties to Teratech as independent contractors, but confirmation is pending a statement from the company’s CEO.

Prosecutors also believe more individuals may have been involved, and efforts are ongoing to identify additional suspects.

Rolón noted that the undocumented individuals claimed to be programmers, potentially working in the region for several months. However, their connection to Teratech remains unclear.

The attempted heist underscores growing concerns around security NEAR Paraguay’s energy-rich regions.

The Itaipu dam, one of the largest hydroelectric projects in the world, has attracted crypto miners due to its surplus power and low costs, making it a key site for mining activity in Latin America.

The investigation remains open as officials work to determine the full extent of the operation.

Bitcoin Mining’s Sustainable Energy Usage Rises to 52%

Meanwhole, a recent study from Cambridge University shows that sustainable energy now powers 52.4% of Bitcoin mining, a significant increase from 37.6% reported in 2022.

According to the report, 42.6% of bitcoin mining’s sustainable energy comes from renewables like wind and hydropower, while 9.8% is sourced from nuclear energy.

Natural gas has now overtaken coal as the largest energy contributor to Bitcoin mining, with usage rising to 38.2%, compared to 25% in 2022.

Coal’s share, meanwhile, has fallen sharply to 8.9% from 36.6%.

The United States became a global leader in Bitcoin mining following China’s 2021 crackdown on the crypto industry.

With cheap electricity and strong capital markets, American mining firms quickly gained dominance, and the election of pro-crypto President Donald Trump initially fueled Optimism for continued growth.