Paraguay’s authority claimed that they have better conditions for Bitcoin mining operations over China. According to records, Paraguay may become a hotspot for mining firms.
After China’s ban on crypto mining & trading, Chinese miners mainly moved toward Kazakhstan & the United States of America. Also Iran welcomed Crypto miners but they are worried about the influx of Chinese miners. But right now, current situations show a huge indication that Paraguay may become a best place for such Chinese miners.
In the present time 100% of the electricity in Paraguay is generated from Hydropower plants. And also they are generating huge electricity from renewable sources of energy. The total net electricity production in Paraguay is around 8,500MW. While only half of the electricity is in use by Paraguay.
So the 100% environmentally friendly electricity of Paraguay will help Paraguay’s authorities to generate revenue by giving these surplus power to mining industry.
And also we can see that China turned off around 6,000MW of electricity which was in supply for the mining industry. So clearly 70-80% of the electricity needs can be fulfilled easily by Paraguay’s energy resources.
Also Mr. Benítez Rickmann, CEO of Paraguay-based mining firm Digital Assets S.A stated
“In China 6,000 MW were turned off and that coincides with what there is in Paraguay that has an energy surplus of 5,500 MW. It is very attractive for them.”
Right now, Paraguay’s authority gives approval to eight Chinese mining firms. And these mining firms will install around 104,000 mining machines at least as per reports .