Paraguay is one of the destinations being considered by many companies to set up their own bitcoin mining operations. Last week, Chinese company Future Fintech announced official plans to build a bitcoin mining facility in the country, stating that it was identifying the best location for the upcoming farm. In June, local media announced that there were eight Chinese economic groups interested in coming to the country.
Paraguay looked into the potential of Bitcoin mining
Paraguay, an often overlooked country in South America, has recently been within sight of mining establishments interested in setting up operations in the country. Paraguay offers many advantages to these groups, such as an abundance of unused hydroelectric power supplies that can be operated. Bitcoin mining has been stigmatized as a “dirty” industry, but with so much clean energy, companies can mine without worrying about the impact on the environment.
Future Fintech, a Chinese company that has been invited to Paraguay, already has plans to set up a bitcoin mining facility in the country. According to a PR statement released last week, CEO Shanchun Huang will review the facts to determine the course the company will take to make this a reality. Huang said:
We plan to carefully evaluate this development opportunity in Paraguay. We will work with our local consultant to review Paraguay’s hydropower and clean energy resources, mining farm development sites and preferential policy treatment we may receive for our capital investments.
The company also made a special mention of the support that the Paraguayan government is providing to the cryptocurrency mining business.
More can come
Several other companies may be secretly planning to move their operations to Paraguay, especially after the exit of China-generated bitcoin mining with the latest crackdown on cryptocurrencies. In July, the CEO of digital bitcoin miner Juango Benitez Rickman stated that there are at least eight Chinese economic groups interested in Paraguay, but he did not elaborate on the identities of these groups.
Furthermore, Rickman stated that he was aware that one of these groups was already in the country and had plans to install 90,000 miners in the coming months. It is said that the unused capacity of 5,500 megawatts in Paraguay could signal the beginning of the era of bitcoin mining in the country.
What do you think of Paraguay as a potential mining destination? Tell us in the comments section below.
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