Paraguay Eyed as New Bitcoin Mining Destination
Paraguay is one of the destinations being considered by various companies for setting up their bitcoin mining operations. Last week, Chinese company Future Fintech announced formal plans to build a bitcoin mining facility in the country, explaining they were determining the best location for the upcoming farm. In June, local media declared that there were eight Chinese economic groups interested in coming to the country. Paraguay Considered for Its Bitcoin Mining Potential Paraguay, an often overlooked country of South America, has recently been in the sights of mining....
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Bitcoin trading and mining will now be under the crosshair of the Paraguay government. Last month, the Chamber of Deputies of Paraguay endorsed a measure to regulate cryptocurrencies over opposition from the country’s central bank. Bitcoinist reported that during a special session in May, deputies approved the modified crypto law draft by a vote of […]
According to the crypto mining operation Pow.re Holdings Limited, the firm announced that it has begun construction of two new mining facilities in Asunción, Paraguay. The new data centers will manage 12 megawatts (MW) of hydroelectric power, and the firm has also acquired 3,600 Microbt Whatsminer mining rigs that produce roughly 396 petahash per second (PH/s) of hashrate. Pow.re Holdings Limited Commences Mining Facility Construction in Paraguay On October 13, Pow.re revealed that the company has commenced the construction of two new bitcoin mining facilities in Paraguay. The first site....
The growth of illegal bitcoin mining operations could affect the stability of the power system in Paraguay, according to statements from the National Power Administration. The boom the country is experiencing is taking its toll on the power system, with many miners plugging in illegally and consuming high amounts of power without making payments. Paraguay Underground Mining Operations Grow Paraguay’s popularity as a country with cheap power tariffs for bitcoin mining is hurting the electric grid and might work against the stability of the power system in the country. ANDE, the....
Cryptocurrency regulation in Paraguay is progressing steadily, as a crypto bill introduced in December has been approved by the Chamber of Representatives in the country. The bill, which contains definitions and rules for cryptocurrency mining, one of the hot topics in Paraguay due to the cheap electricity costs, will be passed to the Senate to be discussed.
Paraguay Advances Crypto Bill
Latam countries are taking cryptocurrencies in a more serious light, and are now working to approve cryptocurrency legal frameworks. This is the case of Paraguay, a country that has been....
Bitbase, a Spanish cryptocurrency exchange and crypto ATM operator, has announced its expansion to Latam with the establishment of a store in Paraguay. The company, which had previously opened a store in Portugal, is now bringing its operations to several locations in Paraguay, having its sights on Venezuela as the next destination for its expansion plans.
Bitbase Looks Towards Latam
While the current bear market has affected some cryptocurrency firms in a negative way, others are expanding to new latitudes, looking to capitalize on the popularity of crypto. Bitbase, a....