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
02.11.2021 - 14:05
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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.”
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