Paraguay's state electricity utility, ANDE, is on track to collect $350 million in mining tariffs for 2026, a record figure that stands in stark contrast to a near-halving of the country's Bitcoin mining operators.
The revenue surge is driven by higher per-unit fees rather than volume, as the utility capitalizes on the remaining high-density data centers while smaller operators exit the market.
The financial performance highlights a structural shift in Paraguay's energy export model.
While the number of active mining facilities has contracted significantly, the revenue per megawatt has increased enough to offset the loss in capacity.
This trend suggests that the era of low-cost, high-volume crypto mining in the region is giving way to a more concentrated, high-margin industrial base.
Looking ahead, the utility faces a critical transition point in 2027.