Bitcoin miners consider moving to Paraguay after China ban

Eight Chinese bitcoin mining companies are said to be trying to move their operations to Paraguay, where there is plenty of hydroelectric power.
Eight Chinese bitcoin mining companies are said to be trying to move their operations to Paraguay due to the suppression of the national industry in the country.
Estimates suggest that this migration could take years and eventually have 500,000 machines declared in the country for an abundance of renewable energy.
The figures come from local media reports in Latin America, run by Cryptocurrency news source Criptonoticias, but have been disclosed by larger publications, including Ámbito Financiero, Argentina’s largest financial daily.
Paraguayan mining company Digital Assets S. A.Juanjo Benitez Rickmann, the chief executive of, and an adviser to a new bill earlier this month aimed at regulating miners in Paraguay and attracting foreign companies.
So far, efforts have worked, Rickman said, and 90,000 bitcoin mining facilities have been set up in the mining process. He goes on to say that other unnamed companies had contact with miners in Paraguay within weeks of the Chinese exodus.
Whether development will become a trend, displaced bitcoin miners may have good reason to consider Paraguay, which is estimated to be 5,500 MW of surplus renewable energy that can be converted into solid money by bitcoin mining.
Hydropower, which accounts for about 100 percent of the country’s electricity generation, is otherwise sold to neighboring countries, with The Lion’s share falling to Argentina and Brazil.
Paraguay produces the most renewable electricity per capita in the world by hydroelectric power plants, with the two largest hydroelectric plants in Itaipu and Yasiret. Both can generate about 8500 MW of electricity, of which Paraguay consumes less than half. Itaipu Dam is currently the largest power station in the world.

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