Mining companies consider Paraguay as a new place for bitcoin mining
The country has reserves of unused hydroelectric power, which can be used for mining
![Mining companies consider Paraguay as a new place for bitcoin mining](https://storage.getblock.net/source/1/XHNrW4PNa802g04fy2SNNk12x7Q3cviX.png)
02.11.2021 - 14:05
360
1 min
0
What's new? Future FinTech, a Chinese company, has announced official plans to build a bitcoin mining enterprise in Paraguay.
Why do companies choose this country? Paraguay has an advantage that is attractive to mining companies namely unused hydroelectric power that can be put to work. Bitcoin mining is called “a dirty” industry, but with such an amount of clean energy, companies could mine cryptocurrency without worrying about the environmental impact.
Juanjo Benitez Rickmann, the head of the mining company Digital Assets, stated that at least eight Chinese organizations besides Future FinTech are interested in Paraguay.
What are the Future FinTech's plans? The Chinese company that was invited to Paraguay already has plans to create a bitcoin mining enterprise in the country. Shanchun Huang, the company’s CEO, studies the facts to determine which path the company will choose to make work more productive and environmentally friendly:
“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.”
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024