Paraguay To Become The New Bitcoin Mining Haven

2021-11-02 22:52:51
The Potential Of Paraguay

Paraguay is on the way to become the latest bitcoin mining haven. This news come after Future Fintech, a Chinese financial services provider, officially revealed plans to start a bitcoin mining operation in Paraguay.

And that is in addition to eight other Chinese companies that are pondering a similar move.

The reason for the interest of these groups in Paraguay is due to the untapped hydro-electrical power potential of the country. In particular, Paraguay has an abundance of unused hydro-power, and the companies want to use that power to mine bitcoin.

In fact, hydro-power is a resource that makes for a far ‘greener’ mining operation. Especially if we consider the bad rep of bitcoin mining and its long-term effects on the environment.

Consequently, making it ideal for these group to set up a bitcoin mining operation.

Such is the case with Future Fintech, which was formally invited to the country of Paraguay. According to an official PR statement, the company is ready to invest and set up a bitcoin mining operation, i.e. facility.

Support From The Government

Moreover, the CEO of Future Fintech, Shanchun Huang, reveals that he will meticulously review all the data and determine how to best turn the idea into reality.

As well as the project wouldn’t be possible without full the support of the government of Paraguay.

We plan to carefully assess this development opportunity in Paraguay. We will work with our local consultant to review Paraguay’s hydroelectric power and clean energy resources. Locations for developing a mining farm and the preferential policy treatment that we might receive for our capital investment.Shanchun Huang | CEO of Future Fintech

Finally, the CEO of the company did not forget to mention the full support that they have from the government of Paraguay. Which hints that the country may be pondering something similar to what President Bukele did in El Salvador.

Whatever the case, this news can certainly benefit Paraguay on the long term. Even more if we consider the 5.500 MW of power that Paraguay is clearly not using. With such potential to become a bitcoin mining haven, Paraguay definitely has something to look forward to.

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