Paraguay to become a Mining Hub: Selling Surplus Hydroelectricity to Bitcoin Miners
CryptoNewsTerminal Staff10 Jun, 2024
Paraguay to become a Mining Hub: Selling Surplus Hydroelectricity to Bitcoin Miners
Paraguay, a country with abundant hydropower resources, is reportedly planning to sell surplus electricity from its hydroelectric power plants to bitcoin miners. This move is part of Paraguay's efforts to diversify its economy and attract foreign investment. Paraguay is home to the Itaipu Hydroelectric Dam, the largest in the world, which generates 20% of its total electricity needs. The country currently has a surplus of electricity, and selling it to bitcoin miners could provide a new source of revenue. The Paraguayan government is reportedly in talks with several bitcoin mining companies, including Bitmain and Canaan Creative. The government is offering miners attractive incentives, such as low electricity costs and tax breaks. If Paraguay is successful in attracting bitcoin miners, it could become a major hub for the industry. The country's abundant hydropower resources, low electricity costs, and favorable government policies make it an ideal location for mining operations.
