More companies looking to Paraguay as Bitcoin mining destination

RIO DE JANEIRO, BRAZIL – Paraguay’s dream of becoming a mining center now seems to have become a reality. Bitcoin.com reports that Paraguay is one of the destinations under consideration by several companies to establish their bitcoin mining operations.

Last week, Chinese company Future Fintech announced formal plans to build a bitcoin mining facility in the country, stating that it was determining the best location for its next farm.

In a statement, the company’s CEO Shanchun Huang said he would review the facts to determine the route the company would take to make this a reality.

“We plan to carefully assess this development opportunity in Paraguay. We will work with our local consultant to review Paraguay’s hydropower and clean energy resources, locations for the development of a mining farm and the preferential policy treatment we could receive for our capital investment,” Huang said.

The company also made special mention of the support the Paraguayan government is giving to the cryptocurrency mining business.

MORE MINING GROUPS

Earlier in June, local media reported that there were 8 Chinese economic groups interested in moving to Paraguay, particularly after the restrictive measures against local mining taken by China. The names of these companies were not disclosed.

Digital Assets bitcoin mining company CEO Juanjo Benitez Rickmann a few months ago said he was aware that one of these groups was already in the country and had plans to install 90,000 mining units 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 bitcoin mining in the nation.

Bitcoin.com reports what has been outlined before: that Paraguay has an abundant supply of unused hydroelectric power that could be used for mining. Bitcoin mining has been stigmatized as a “dirty” industry, but with so much clean energy, companies could mine with no concern for its impact on the environment, the media outlet says.

BINANCE

However, it is not only about mining, cryptocurrency trading is also booming in the South American country. In fact, La Nación newspaper recently reported that Binance exchange had reached Paraguay and was officially launched in the country to provide personalized services to local users.

During the event, the main advantages in terms of virtual currency operations for the Paraguayan public were discussed, though the platform’s ongoing training of its users, with the goal of providing the necessary tools for both beginners and experts, in everything related to the world of cryptocurrencies.