Paraguay is one of the destinations being considered by various companies for setting up their bitcoin mining operations. Chinese company Future Fintech revealed plans last week to establish a bitcoin mining operation in the country. They explained that they were still determining the best place for the farm. Local media reported that eight Chinese economic groups were interested in moving to the country in June.

Paraguay Considered for Its Bitcoin Mining Potential

Paraguay is a country that has been overlooked in South America. Recently, mining institutions have begun to look at the country for potential operations. These groups have several advantages, including a large supply of untapped hydro-electrical energy that could be used. Although Bitcoin mining has been criticized as dirty, it is now possible to mine with this clean energy without worrying about its impact on the environment.

Future Fintech, a Chinese company that was invited to Paraguay, already has plans to establish a bitcoin mining facility in the country. A PR statement last week stated that Shanchun Huang, the CEO of Future Fintech, will review the facts and determine the best route for the company to make this happen. Huang stated that

We will carefully evaluate this development opportunity in Paraguay. Our local consultant will help us review Paraguay’s clean energy resources and hydroelectric power, as well as the locations that could be used to develop a mining farm. We will also discuss any preferential treatment we might get for capital investments.

The company also mentioned the support the Paraguayan government has given to the cryptocurrency mining industry.

Many More Could Be Coming

Many more companies could be secretly planning to move their operations to Paraguay, more so after the bitcoin mining exodus that China produced with its latest cryptocurrency crackdown. Juanjo Benitez Rickmann (CEO of digital assets, a bitcoin mining company), stated that at least eight Chinese economic groups were interested in Paraguay. However, he did not reveal the identities of these groups.

Furthermore, Rickmann stated he had knowledge that one of these groups was already in the country and that it had plans to install 90K miners in the coming months. The 5,500 MW of unused power Paraguay is said to produce could signal the start of a bitcoin mining era in the nation.

What do you think about Paraguay as a potential mining Mecca? Comment below.

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