Paraguay is set to accommodate a fresh cryptocurrency mining farm.
The Bitcoin mining services provider, Sazmining, has announced plans to launch a cryptocurrency mining facility entirely powered by renewable energy, tapping into the South American nation’s clean surplus electricity.
According to the Sazmining team, the new center will have the capacity to house 1,600 user-owned mining rigs at an electricity cost of 4.7 cents per kWh, which is less than 30 percent of the average costs in the United States.
The development aims to position Paraguay as an attractive location for the international mining industry, given the country’s access to affordable renewable energy resources, largely credited to the Itaipu Dam, a complex built in partnership with Brazil in 1971.
Kent Halliburton, the President of Sazmining, referred to the new facilities in Paraguay stating, “By utilizing excess electricity, Bitcoin mining transforms what used to be a loss into a profitable enterprise for the entire country.”
The initiative is actively supported by Paraguayan politicians and the local power company, ANDE, who are keen on participating in Bitcoin electricity transactions.
Furthermore, Halliburton added that the company holds a “broader vision focused on creating a sustainable, forward-looking future through investments in electric power.”
This underscores the potential benefits that Paraguay stands to gain from the opportunities presented by the cryptocurrency industry.