More companies look to Paraguay as a Bitcoin mining destination – DiarioBitcoin

More companies look to Paraguay as a Bitcoin mining destination - DiarioBitcoin

More companies look to Paraguay as a Bitcoin mining destination - DiarioBitcoin By Daily EditorBitcoin

Some Chinese companies have an interest in mining in Paraguay.

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For several years, Paraguay was already spoken of as an ideal country for mining Bitcoin, fundamentally due to the large amount of energy from renewable sources and its low cost. In fact, even the government itself, in 2018, became a promoter of this possibility by supporting the creation of a crypto mining center.

Well, now that the country is a mining center it seems to be a reality. Bitcoin.com publishes that Paraguay is one of the destinations that several companies are considering to establish their mining operations in bitcoins.

In fact, last week, the chinese company Future Fintech announced formal plans to build a mining facility of bitcoins in the country, explaining that they were determining the best location for the next farm.

In a statement, the company’s CEO Shanchun Huang said he will review the facts to determine the route the company will take to make this happen. Huang stated:

“We plan to carefully evaluate this development opportunity in Paraguay. We will work with our local consultant to review Paraguay’s hydroelectric and clean energy resources, the locations for the development of a mining farm and the preferential policy treatment that we could 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.

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More mining pools

Earlier in June, local media declared that there were eight Chinese economic groups interested in going to the country, especially after restrictive measures against mining in China. However, the names of these companies were not indicated.

The CEO of the mining company of bitcoins Digital AssetsJuanjo Benítez Rickmann, stated a few months ago that he was aware that one of these groups was already in the country and that it had plans to install 90,000 miners in the coming months. It is said that the 5,500 MW of unused energy that Paraguay produces could signal the beginning of an era of mining of bitcoins in the nation.

Refers Bitcoin.com what had already been outlined before: that Paraguay has an abundant supply of unused hydroelectric energy that could be put to work based on mining. Bitcoin mining activity has been stigmatized as a “dirty” industry, but with so much clean energy, companies could mine without worrying about the effect on the environment, says the outlet.

Also Binance

But it is not only about mining, cryptocurrency trading is also on fire in that South American country. In fact, the diary The nation published a few days ago that the exchange Binance arrived in Paraguay and was officially launched in the country to provide personalized services to local users.

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During the event, they spoke about the main advantages in terms of operations with virtual currencies for the Paraguayan public and they highlighted that one of the most important advantages offered by this platform is constant training for users. This, with the aim of providing the necessary tools for both beginners and experts, in everything that makes the world of cryptocurrencies.

Sources: Bitcoin.com, The nation, file

Version of DailyBitcoin

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