For many Bitcoiners and people interested in cryptocurrency, Paraguay has been on the radar in recent years.
From our perspective, two major factors drive Paraguay’s success as a crypto mining hub.
Itaipú Dam
Paraguay owns 50% of one of the largest hydroelectric plants in the world, Itaipú Dam. Although the country’s economy has grown rapidly in recent years, it still doesn’t consume all its electricity. Brazil does buy the surplus of Paraguayan electricity, but this immense source caught the eye of Bitcoin miners. There is probably no place on Earth that offers a steady electricity supply at this price. One significant counterargument against Bitcoin is the environmental impact of the Bitcoin network and mining. It does not hold up in Paraguay. The electricity generated in Itaipú Dam is 100% clean and renewable.
Regulatory Framework
Paraguay has a tradition of a small government that does not interfere much with the economy. Lack of regulations or their nonexistence is a crucial precondition for a young industry to evolve and grow.
The industry is growing and catching the world’s attention. Multiple articles about mining in Paraguay have been published in world-renowned outlets such as The Economist, El Pais, and Forbes.
There are many companies serving clients of different sizes. As a potential client, you will hear from them only the positive sides, how easy it is, milk and honey waiting for you on the table, and free money you can’t miss. We have witnessed firsthand and from the sidelines how many things can go wrong in this business. Confiscated machines, fake contracts with ANDE (electricity company in Paraguay), and even scam artists taking money from the people and not delivering products and (or) services. The lack of regulation is a blessing when you know how to do the business and with whom, but it is also a curse when you don’t. We believe in traditional values of integrity and honesty when conducting business with our clients. If you are interested in Crypto-mining and looking for a reliable partner, contact us. We will figure out how we can help!