The bitcoin mining industry in Paraguay is reacting to the involvement of the National Electricity Authority (ANDE) in the closure of several illegal bitcoin mining farms. Bruno Vaccotti, head of public affairs at bitcoin mining company Penguin, has revealed the existence of "vulture contracts" that have slowed the growth of bitcoin mining operations in Paraguay. Vaccotti said Penguin pays $850,000 a month for electricity, almost 50 percent of the $2 million ANDE claims it lost to illegal mining activities. Vulture contracts "are agreements between ANDE and other undisclosed third parties for bitcoin mining that affected the power supply to new farms, causing losses to the state. Vaccotti claims that these contracts involving large amounts of energy are often signed by foreign investors who go abroad and use them to speculate.