Paraguay could receive 500,000 Bitcoin miners
If the law to regulate the industry and commercialization of virtual assets and crypto assets is approved, the nation would benefit from the migration of miners from China and increase its industry 25 times
Paraguay has a bill to regulate the mining of digital assets that would allow it to absorb, in three years, more than 500,000 cryptocurrency miners if it manages to consolidate a friendly policy with the bitcoin industry, in addition to taking advantage of the exodus of Bitcoin miners in China.
Juanjo Benítez Rickmann, CEO of the mining company Digital Assets and advisor to the local bill to regulate cryptocurrencies, highlighted that there are at least 8 Chinese economic groups that have an interest in transferring their mining operations to the Guaraní nation. One of these groups is already in the country to install 90,000 pieces of equipment in the coming months.
Other companies are making some contacts with Paraguayan miners in order to learn about progress on the “law that regulates the industry and commercialization of virtual assets and crypto assets.” According to Benítez Rickmann, these investors also have businesses in the traditional mining industry of “gold, silver, copper or bronze.” But with favorable legal conditions they would be willing to invest in cryptocurrencies.
Renewable energy
Paraguay has two large hydroelectric dams that produce approximately 8,500 MW and the nation’s internal consumption is in the order of 3,300 MW, with a surplus of approximately 5,500 MW, which coincides with the amount of MW that was turned off in China, which it is highly attractive to investors.
For the CEO of Digital Assets, not only Chinese entrepreneurs are interested in coming to Paraguay. Other companies are also interested because they would use renewable energy and qualified local labor. “Some are from Taiwan, from where they have established contacts through their embassy in Asunción, a remarkable aspect since it involves diplomatic relations,” he said.
According to Benítez Rickmann, there are currently a maximum of 20,000 Bitcoin ASIC miners connected to the network in the country. “If that figure and the potential to install more than 500,000 miners in a period of three years are taken into account, then the Paraguayan digital mining industry could grow 25 times,” he said.
M. Rodríguez
Source: criptonoticias.com
