Paraguay: A promising Latin American crypto mining hub tempting investors with subsidised energy
A little while back we posted an article to our blog that you may have already read introducing the theme of crypto mining in Latin America. Now, we understand that it was just a general overview and so for those of you interested in the topic, you may well have been left wanting more.
Luckily for you, we are continuing this idea today, in Paraguay, to be precise, hopefully letting you make up your mind if this could really be the next investment opportunity with your name on it.
Before this, let’s go back to the idea of mining cryptocurrency. It is important to mention right away that it is probably not going to be for everyone, yet this is not to say it will not be for you. Basically, it involves using computers to solve mathematical problems the likes of which would not be cracked by mathematicians of any skill level. The responsibilities of a crypto miner go beyond the introduction of new digital assets to the market and include monitoring roles to ensure the integrity of the currency is protected.
So, why Paraguay? As we all know, environmental impact is a key factor nowadays in assessing projects of all scales and values, and with this in mind, Paraguay is immediately a great choice for mining in what is typically a polluting sector. This is because Paraguay creates rather a lot of hydroelectric power, a big proportion of which doesn’t get used. This clean energy surplus is then a big bonus for companies overseas looking to maximise their BTC mining operations without causing too much harm to our planet.
Future Fintech is a Chinese company investing in Paraguay for the purpose of mining BTC, a move which, should all go well, could open the floodgates to more foreign investment. This is reason to be excited for all of us as the long-awaited move to green crypto mining could have its solution in Latin America, driving pioneering efforts to get the region onto the global stage for innovation in more sectors.
Let’s take these reasons and explore a little deeper. Green energy is not the only pull factor to mining crypto in Paraguay, there are also some very advantageous rates for energy which continue to tempt foreign miners to the Latin American nation.
It is reported that miners are receiving energy rates lower than most other businesses in the nation, sometimes as low as US$18 per megawatt hour. With figures as low as these, it really is no surprise that Paraguay is gaining a reputation on the global stage for crypto mining, maximising your profits in the process. If you’re still not quite convinced, the average amount paid per megawatt hour in some of Paraguay’s neighbouring countries is as high as US$100, an over 80% mark-up on what can be found within Paraguay’s borders.
This may seem like an intriguing idea, but, as we have seen recently in El Salvador, officialising BTC as a legal currency is not impossible. As of the 9th December 2021, it has been suggested that Paraguay may follow this lead, and by bringing mining operations to a country where demand for the decentralised asset could boom, investors could potentially see healthy returns and greater publicity, maybe even snowballing into a storm of positive coverage of Paraguay in global media for Bitcoin mining.
So, if you are interested in finding out more about relocating your crypto mining operations to Paraguay, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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