Bitcoin (CRYPTO:BTC) mining companies in Paraguay are facing an exodus following a significant increase in power fees imposed by the National Power Administration (ANDE).

The 14% fee hike has prompted miners to seek more favorable conditions in neighboring countries like Argentina and Brazil.

In response, a joint venture between Argentine and Brazilian firms is launching an 8 MW initiative in Argentina's Zapala region, with plans to scale up to 200 MW by 2026.

This move capitalises on energy incentives, particularly in Vaca Muerta, Argentina's major oil field, known for its non-conventional energy methods.

Fernando Arriola of the Paraguayan Fintech Chamber predicts a continued migration of mining operations to Argentina and Brazil over the next six months, citing more competitive energy prices as the primary driver for relocation.