Paraguay Ueno Bank Collapse: President Resigns, Bitcoin?
Paraguay president Santiago Peña said on November 5 that he is resigning after the Ueno Bank collapse froze savings. Infobae, La Tercera and Cointelegraph all report it. One catch: Congress did not accept the resignation, so impeachment goes on.
What happened at Ueno Bank
According to Spanish-language reports, Paraguay’s central bank intervened in Ueno, a digital bank, on November 3. Urgente24 says savings of about three million clients were frozen, which Argentine outlets call a “corralito.” Protests followed for several days.
The trouble was visible earlier. MercoPress reported on October 18 that the banks’ association asked the central bank for a solvency report. Bloomberg Línea reported Ueno’s bonds trading below 90 cents.
Why the president is in the story
Semana reports that Peña was a shareholder in Grupo Vázquez, Ueno’s parent, until March 2025. Lawmakers cited that tie. Peña apologised to the public, avoided taking responsibility for the crisis, and asked for the central bank chief to resign. Reports disagree on small details, such as which weekday the announcement fell on. We have not seen any source on who would succeed him.
Does bitcoin fix this?
The headline claim is an opinion, not a fact. We have not seen data showing a surge of Paraguayans into bitcoin, so we will not claim one. The narrow point holds: coins in your own wallet cannot be frozen by a bank intervention. Coins on an exchange or in a bank-linked app can be.
Miner math: what the Paraguay bank freeze does to your margin today
Here is the live maths on November 6. Bitcoin is $76,122 and the network is 1035 EH/s, so hashprice is about $33.41 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.73 | -$3.07 | -$6.19 | 4.1c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.67 | -$1.24 | -$3.78 | 6.1c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.10 | -$1.07 | -$3.96 | 6.5c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.61 | $1.08 | -$2.29 | 9.3c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
This is a local banking failure, so we expect no direct move in hashrate. If global risk-off trims bitcoin by 3%: the break-even power price on an S19k Pro falls from 6.1 to 5.9 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.24 to -$1.35.
The blunt answer for ASIC owners
Nothing changes in the table above unless the price moves. The network runs near 1035 EH/s per mempool.space, and one frozen South American bank does not move that. The risk for miners is indirect: if you sell mined coin through a local bank or app, a freeze like this stops you paying your power bill.
We think the lesson is plain. Keep a second route to cash, and keep working capital out of any single institution. If your power price sits above the break-even column, look at we buy used miners, browse all miners, or read the mining economics guides. For where bitcoin may go from here, see our Bitcoin price prediction.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.