Paraguay could become another haven for Chinese miners – Bits Media

Chinese miners are moving not only to Kazakhstan and the USA. Mining companies have turned their attention to the state in South America as a testing ground for placing data centers.

Chinese persecuted by authorities (and more) miners started
consider the country with reserves of renewable hydroelectric power as a direction for placing “green” mining farms. Where you can mine bitcoins and altcoins without harming the environment. В июне появилась информация, что восемь китайских компаний собираются перенести бизнес в Парагвай.

Среди них китайская майнинговая компания Future Fintech. The company recently announced its intention to locate a Bitcoin mining data center in Paraguay.. According to the CEO of Future Fintech, the company is studying the provided territory, to determine the further strategy for business development in a new location. The company noted the support, which the Paraguayan government provides to the cryptocurrency mining business.

“We plan to carefully evaluate the possibility of developing the company in Paraguay. We will work with our local consultant, to analyze hydropower and other renewable energy sources in Paraguay. No less important for studying the location for the construction of mining farms and preferential policies, which we can receive in respect of our capital investments".

Not only the money factor is important for cryptocurrency mining, but also political stability, legislative framework, the level of security of the country for investment and only then the cost of electricity. In Paraguay, compared to the USA or Canada, electricity costs much less - less $0.01 OK kWh.

factor, deterring mining companies from moving business to Paraguay, there may be a lack of legal framework, regulating the rules of cryptocurrency mining. Latest bill, which explained the regulation of mining, turned out to be so unsuccessful, that was never accepted in the country. In June of this year, Paraguay considered the possibility of recognizing Bitcoin as a means of payment, following the example of El Salvador., but according to the deputy, who previously stated this, there is no information in the bill, that Bitcoin will be recognized as a means of paying for goods and services on a par with fiat money.