Paraguay Could Become A Haven For Mining Because Of The Cheap Electricity

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Paraguay Could Become A Haven For Mining Because Of The Cheap Electricity

The world’s most powerful hydroelectric power station “Itaipú”, located in Paraguay, could help the development of the mining industry of cryptocurrency in the country where remain extremely low for the region the tariffs for electricity. The funds received from the miners can go to economic development, local businessmen believe.

Paraguay is actively developing mining cryptocurrency, helped by cheap electricity thanks to the world’s most powerful hydroelectric power station “Itaipú”.

The Itaipu produces more than 103 million MW/h, which allows to save Paraguay’s low rates for electricity of $0.03-0.05 per kW/h which is about three times less than in Argentina. At the same time, Paraguay uses only 13% of the total produced HPP electricity, sending a significant part of the power to neighboring Brazil.

The publication notes that the government of Paraguay is developing non-standard ways of economic development of the country. Thus, the authorities are attracting technology companies from Silicon valley to build a production that runs on clean energy from Itaipu.

 

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