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China eyes Paraguay for potential Bitcoin mining operation

21. September 2021

By Ivan Blomqvist. Lawyer.

After Paraguay put into motion a new project for regulating the mining of digital assets, China turned its gaze towards it in the hopes of filling the recent shutdown of 6,000 MW consumption used for mining.

There are currently no less than 8 potential Chinese economical groups with interest in transferring their operations to Paraguay, which could bring over more than 500 thousand crypto miners in over 3 years if the regulation project finishes its course. It is reported that one of the said mining groups has already landed, and will be installing at least 90,000 setups.

Paraguay is home to 2 great hydroelectric dams, Itaipú and Yacyretá which produce an excess of approximately 5.5000 MW of renewable energy, which goes unused and largely coincides with the exodus from China.

These Chinese groups have already established contact with local miners to get a view of the field and the upcoming changes that are brewing in congress with the regulation project. Some companies which are currently investing in traditional mining are showing interest in expanding their business to digital mining, should the law look favorably upon it.

However, it’s important to highlight that not only Chinese corporations are showing interest, but from all over the world. For example, Taiwan has already established diplomatic relations with the intention of preparing for its arrival.



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