In recent news, eight Bitcoin mining firms in China have made plans to relocate their operations to Paraguay. This will in no doubt increase the number of Bitcoin miners and mining activities in the area.
In the aftermath of China’s crackdown on its domestic industry, eight China-related Bitcoin mining companies are intending to shift their operations to Paraguay.
However, projections show that this movement might take years. However, because of their renewable abundance, over 500k devices can be gradually installed across the country.
Also, the data are based on local media reports in Latin America, which are led by Criptonoticias, a digital asset news media company. It was, nevertheless, widely published, including by Argentina’s largest financial daily, Ambito Financiero.
Juanjo Bentez Rickmann is also heavily quoted. Rickmann is the CEO of Digital Assets S.A., a mining company established in Paraguay, and an advisor to a measure introduced earlier this month that aims to regulate miners in Paraguay and encourage foreign investment.
Moreover, Rickman stated that the endeavour has so far been successful, with one mining business now constructing 90,000 bitcoin mining rigs.
He also claims that additional unnamed companies have contacted Paraguayan miners in the weeks since the Chinese evacuation. Surplus renewable energy in Paraguay is predicted to be 5,500 MW, which can be converted into hard currency through BTC mining.
Argentina and Brazil consumes more Hydroelectric power.
Hydroelectric power accounts for about all of the country’s electrical production. Otherwise, it is marketed to neighbouring countries, with Argentina and Brazil accounting for the lion’s share of consumption.
Hydroelectric dams in Paraguay provide the world’s most renewable electricity per capita. Itaip and Yacyretá are the country’s two largest hydroelectric dams.
In addition, they are both capable of producing nearly 8,500 MW of electricity, of which Paraguay consumes less than half. Furthermore, the Itaip Dam is currently the world’s largest power plant.
Furthermore, Rickmann is optimistic that Paraguay would assist China’s BTC miners in establishing a large number of permanent operations.
Also, Bentez may be able to assist China’s Bitcoin miners in finding even more. 6,000 megawatts of power were shut off in China.
This is similar to what is happening in Paraguay, which has a 5,500 MW energy excess. It’s more appealing to them. It’s also worth noting that Paraguay’s regulatory initiatives have been criticized from overseas.
Few believe El Salvador’s legal climate is more progressive in its efforts to foster and bolster the BTC business.
