Fun

Paraguay Eyed as New Bitcoin Mining Destination

News Feed - 2021-11-02 06:11:51

Paraguay Eyed as New Bitcoin Mining Destination


Paraguay is one of the destinations being considered by various companies for setting up their bitcoin mining operations. Last week, Chinese company Future Fintech announced formal plans to build a bitcoin mining facility in the country, explaining they were determining the best location for the upcoming farm. In June, local media declared that there were eight Chinese economic groups interested in coming to the country. Paraguay Considered for Its Bitcoin Mining Potential


Paraguay, an often overlooked country of South America, has recently been in the sights of mining institutions interested in establishing operations in the country. Paraguay presents several advantages for these groups, like an abundant supply of unused hydro-electrical power that could be put to work. Bitcoin mining activity has been stigmatized as a “dirty” industry, but having this much clean energy, companies could mine without worrying about the effect on the environment.


Future Fintech, a Chinese company that was invited to Paraguay, already has plans to establish a bitcoin mining facility in the country. According to a PR statement issued last week, CEO of the company Shanchun Huang will be reviewing the facts to determine the route the company will take to make this a reality. Huang stated:


We plan to carefully assess this development opportunity in Paraguay. We will work with our local consultant to review Paraguay’s hydroelectric power and clean energy resources, locations for developing a mining farm and the preferential policy treatment that we might receive for our capital investment.


The company also made a special mention of the support that the Paraguayan government is giving to the cryptocurrency mining business. Many More Could Be Coming


Many more companies could be secretly planning to move their operations to Paraguay, more so after the bitcoin mining exodus that China produced with its latest cryptocurrency crackdown. In July, CEO of the bitcoin mining company Digital Assets, Juanjo Benítez Rickmann, stated there were at least eight Chinese economic groups interested in Paraguay, but he didn’t expand on the identities of these groups.


Furthermore, Rickmann stated he had knowledge that one of these groups was already in the country and that it had plans to install 90K miners in the coming months. The 5,500 MW of unused power Paraguay is said to produce could signal the start of a bitcoin mining era in the nation.


What do you think about Paraguay as a potential mining Mecca? Tell us in the comments section below. Crypto Network Hashrates Recover From Summer Slump — Ethereum"s Hashrate Captures All-Time High NEWS | 5 hours ago Spending a String of 20,000 BTC — 2 Bitcoin Whale Transactions Move Over $1.2 Billion NEWS | 9 hours ago Tags in this story Bitcoin, China, Cryptocurrency, future fintech, mining, Paraguay, paraguya


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Indian Central Bank RBI: Cryptocurrencies Are a Clear Danger — Financial Stability Risks Likely to Grow
Indian Central Bank RBI: Cryptocurrencies Are a Clear Danger — Financial Stability Risks Likely to Grow India’s central bank, the Reserve Bank of India (RBI), sees cryptoc
Coinbase Reduces the Size of the Firm’s Workforce by 18%
Coinbase Reduces the Size of the Firm"s Workforce by 18% Amid the crypto market carnage, the digital currency exchange Coinbase revealed it has decided to lay off 18% of its workfo
ERC20 wallet drainer receives UK business registration
Christopher Roark4 hours agoERC20 wallet drainer receives UK business registrationA developer of the Nova Drainer phishing protocol has officially registered as a business in the UK.694 Total views1 Total sharesListen to
SCRT Labs Launches $400 Million Fund to Bolster Privacy Network’s Ecosystem and Application Layer
SCRT Labs Launches $400 Million Fund to Bolster Privacy Network"s Ecosystem and Application Layer On Wednesday, the Secret Network announced the launch of a $400 million fund in or
Bitcoin price 'explosive move' puts old $69K all-time high in sight
William Suberg8 hours agoBitcoin price "explosive move" puts old $69K all-time high in sightBitcoin rescues its longer-term trend as week-to-date BTC price gains aim for double digits.8367 Total views24 Total sharesListe
Tom Blackstone4 hours agoLiFi launches multi-bridge governance solution after Uniswap debateThe new bridge aggregator allows cross-chain DAOs to only accept votes confirmed by more than one bridge.4067 Total views18 Tota
Gala Games Announces Launch Date for Spider Tanks
Gala Games Announces Launch Date for Spider Tanks press release PRESS RELEASE.Jackson, Wyoming (August 29, 2022) – Gala Games, the leading pioneer in web3 entertainment and b
E-Commerce Giant Ebay Now Allows NFT Sales Citing ‘Massive Wave of Attention’
E-Commerce Giant Ebay Now Allows NFT Sales Citing ‘Massive Wave of Attention’ Ebay, which has 187 million buyers on its platform, is now allowing the sale of
YieldFinanceFarm Is Next Generation DeFi Farm to Maximize Rewards – YIF Presale Is Now Live
YieldFinanceFarm Is Next Generation DeFi Farm to Maximize Rewards - YIF Presale Is Now Live PRESS RELEASE. Yield Finance Farm (YIF) is a high-yield Defi farm tha
US Lawmakers Say Any Digital Dollar Must Be Open, Permissionless, and Private
US Lawmakers Say Any Digital Dollar Must Be Open, Permissionless, and Private Nine U.S. lawmakers have raised concerns regarding the U.S. central bank digital currency project led
Amaka Nwaokocha12 hours agoXRP whale moves 29 million tokens to Bitstamp amid price slideAdditional information suggests the possibility that this whale might be selling their XRP assets, as it had previously moved 14 mi
OpenAI’s Mira Murati is “not sure” where Sora’s training data comes from
Ana Paula Pereira3 hours agoOpenAI’s Mira Murati is “not sure” where Sora’s training data comes fromDuring an interview with The Wall Street Journal, Mira Murati offered vague responses when asked about the under