Bitcoin mining farm Sazmining, which operates its crypto mining equipment with 100% renewable energy, will open a new headquarters in Paraguay.
In February, we reported that Paraguay was emerging as a promising haven for Bitcoin miners, as it is a country with abundant hydroelectric resources and one of the lowest energy rates in the world, at $0,047 per kilowatt hour (kWh).
In addition to this, the Paraguayan government has also been working on developing new policies that regulate the cryptocurrency industry, such as those established in the bill approved by the Chamber of Deputies of Paraguay in May 2022, to regulate cryptocurrency mining.
All these attractions managed to attract the attention of the Sazmining mining farm, which operates its Bitcoin mining equipment with 100% renewable energy and has just announced its expansion in the Latin country.
After opening a new office in Wisconsin in January, Sazmining is expanding into Paraguay to take advantage of the nation's abundant hydroelectric resources while helping it monetize part of its energy surplus.
Paraguay will monetize the energy surplus of Itaipú
The new Bitcoin mining facilities that Sazmining will open in Paraguay will take advantage of part of the energy surplus generated by the Itaipú dam. This dam, which is built on the Paraná River, generates 14 gigawatts (GW) of hydroelectric energy, enough to cover 99% of the country's energy demand. Itaipú is the third largest hydroelectric dam in the world.
In a statement, Sazmining president Kent Halliburton said that Bitcoin mining will help the country monetize the energy surplus from this dam, which is sold at a loss to Brazil.
According to Halliburton, the company's vision is to foster a more sustainable future through investment in electrical infrastructure that will continue to serve Paraguay for generations.
The company is currently installing the containers where the ASIC mining equipment will be connected to extract bitcoins from the network.
Continue reading: Paraguay leads the growth of Bitcoin mining in Latin America
