BTC Miners Head to Paraguay as It Contemplates Social Growth
Itaipú Dam in Paraguay is among the world’s biggest facilities for hydroelectric energy and it is currently backing BTC and ETH mining activities taking place in a city called Ciudad del Este right on Paraguay’s border with Argentina and Brazil. The company’s efforts have attracted a great number of crypto businesses, in effect creating various millionaires; however, an inspection of the dam and its potential for development taking place now will determine the miners’ success as they keep flocking in.
Inexpensive Clean Energy
Ample amounts of cheap energy all over the city are available from the dam are powering about 20,000 crypto mining setups, with eager miners coming from all over the country and from China, Brazil, Canada, Russia, and the United States as well. In the meantime, experts in development are urging the local authorities to start raising the prices of electricity, using the resultant profits to help fight poverty. Experts and politicians are looking into other options, which include trying to redirect the transported electricity to local industries, attempting a renegotiation of prices with Brazil, and also attracting business in Silicon Valley so they can come and start manufacturing using clean energy in the country.
Any profits from this process will likely be sewn back into investments in Paraguay to help with economic inequality as well as providing services for the social welfare of a population that has little access to proper employment opportunities, health care services, good education, or even a viable transportation system.
Furthermore, this development plan is not really just for mining cryptos. Currently, Paraguay is generating above 103 million MWh of electricity annually from the Itaipú Dam. It has the chance to benefit from its prominence as the largest exporter of electrical energy in the world and start making real profits from BTC and ETH mining activities. Miners in Paraguay pay somewhere between $0.03 to $0.05 per Kwh, which is one-third of the price compared to neighboring Argentina.
A Mining Haven
The easy availability of clean energy in great amounts really makes Paraguay a great destination for crypto mining, while at the same time the government would gain the proceeds as cryptocurrencies are continuously growing all over the world. Paraguay only uses about 13% of its energy output; the rest is exported to Brazil.
Gregorio Bareiro, a technology entrepreneur, sees that Paraguay will benefit so much more by reducing the amount of energy exported to Brazil and keeping much of the produced capacity within its borders to support crypto mining activities. Bareiro is among a few of the locals that started embracing the mining business. He began by giving crypto investors DIY cooling systems, but he currently he owns 750 computers that miners rent from him. Bareiro further noted that if Paraguay supports crypto mining, this could help the country with its debts over the next ten years.