Paraguay is a country located in South America that attracted a lot of attention from Bitcoin miners. After the mining ban in China, more than 50% of the total hashrates for Bitcoin went down. China was considered the best location for Bitcoin miners due to the presence of cheap property and electricity sources for commercial entities.
However, the government of China has decided to reduce the interest in cryptocurrencies in the region on many fronts. Various crypto enterprises were blocked on the local search engines and social media platforms. The accounts of crypto influencers in China were blocked in huge numbers. Under these circumstances, the mining operations had no choice but to migrate to foreign territories.
Benitez Rickman is the CEO of a crypto mining enterprise called Digital Assets S.A based in Paraguay. He recently issued a statement claiming that China used to provide 6,000 MW to the mining rigs before the blanket ban was imposed. The nation of Paraguay can generate 5,550 MW, and it is an attractive offer for many miners who are planning to migrate with their businesses.
He further added that two of the largest hydroelectric dams are present in Paraguay. These dams are located in the Yacyreta and Itaipu regions of the South American nations. The country has been able to generate 8,500 MW of power collectively. In this manner, Paraguay is not only completely independent in the matter of power generation, but the region also has half of its energy production to spare.
Bitcoin Miners are also Moving to USA and Kazakhstan
The largest number of Bitcoin miners went to two major locations for restarting their mining operations. In addition to these two locations, i.e., Kazakhstan and United States miners are now looking at Paraguay for a potential new business region. As many as eight mining corporations have already signed deals and are in the process of moving into the region.
To make the transfer possible, more than 500,000 mining machines will be transferred into the region. The largest mining operations will move 90,000 machines alone. In addition, the legislative administration of the region is also planning to regulate the crypto space to ensure that miners have better clarity. Rickman, who is also working as an advisor for the bill, claimed that the main objective of the bill is to encourage big mining corporations to Paraguay.
