- Eight Bitcoin mining firms in China plan to relocate operations to Paraguay.
- Over 500k machines can be gradually installed in the country.
Eight China-related Bitcoin mining firms are planning to relocate operations to Paraguay in the wake of China’s crackdown on its domestic industry.
Moreover, estimates suggest that this migration can take place for years. However, over 500k machines can be gradually installed in the country, touted for their renewable abundance. Even more, the figures come from local media reports in Latin America, which is led by digital asset news media Criptonoticias. However, it was publicized by huge outlets including Argentina’s huge financial daily, Ambito Financiero.
Moreover, Quoted hugely is Juanjo Benítez Rickmann. Rickmann is the CEO of the Paraguay-based mining firm Digital Assets S.A. and advisor to a recent bill presented this month seeking to regulate miners in Paraguay and to attract foreign businesses.
In addition, Rickman mentioned that the effort is working so far with one mining operation in the process of installing 90,000 bitcoin mining rigs. Also, he says other unnamed firms have contacted miners in Paraguay over the weeks since the Chinese exodus. Paraguay is estimated to have 5,500 MW in surplus renewable energy that can be transformed into hard money through BTC mining.
Argentina and Brazil Consumes the Lion’s Share
Hydroelectric power constitutes almost 100% of the country’s electricity generation. Otherwise, it is sold to neighboring countries, with Argentina and Brazil consuming the lion’s share. Paraguay enhances the most renewable electricity per capita in the world via hydroelectric dams. With its two largest hydroelectric dams in Itaipú and Yacyretá.
More so, they both are capable of generating nearly 8,500 MW of power of which Paraguay consumes less than half. In addition, the Itaipú Dam is presently the biggest power plant in the world. Even more, Rickmann is confident Paraguay could help China’s BTC miners find many permanent-based operations.
In addition, Benítez could help China’s Bitcoin miners find even more. In China, 6,000 MW were turned off. This coincides with what there is in Paraguay that has an energy surplus of 5,500 MW. It is more attractive for them. Furthermore, it is worth mentioning that Paraguay’s regulatory efforts faced criticism from abroad. With few believing the legal environment in El Salvador to be more progressive in its attempts to support and bolster the BTC industry.