The Latest on Bitcoin Mining Within Paraguay Mega-Dam
In a remote area at Paraguay that is a little close to the borders of Argentina and Brazil happens to have a development and a creative design of their own mining subculture, this is all thanks to one of the largest dams around the world. The Itapúa Hydroelectric Dam has been considered to be one of the largest hydroelectric energy producer around the globe, one that has been designed with an installed generation capacity that is about 14GW.
The dam is guarded by armed patrols and is located in the outskirts of Ciudad del Este; this is a border town in Paraguay which has slowly become the hotbed for drugs, smuggling and cartels. It is a small town of about 300,000 which has been able to gain the reputation of being a part of the lawless Paraguay’s wild west.
There is A New Community That is Growing Rapidly
A place that has a dam you are assured there is plenty of power; thus, a growing number of crypto miners should also be the next natural thing to happen. It is an industry that just sprung overnight, and it is estimated that 20,000 units are used to either generate Ether and Bitcoin.
The neighboring country, Brazil, takes advantage and sells its power about five times the current price to its cousins; thus Paraguay is an attractive alternative for the wannabe miners.
It is an opportunity that has not gone wasted, Gregorio Bariero states that he has seen his air conditioning business sky rocket this is ever since the CPUs came to town to take advantage of the power that is offered. The opportunity has created a few millionaires within the region.
Bariero has taken this as an opportunity to exploit as he provides the miners with the needed cooling systems and has gone ahead to rent out 750 of his computers, it is mainly to the North Americans, Europeans and the Brazilians. From this, it has lead him to hire dozens of staff, and he has plans to install mines in the portable trailers.
He has seen that there is potential in Ciudad del Este in having projects that will be able to lift the struggling economy, this is if it was all approached in a grand scale. Paraguay has been considered to be the only place that is offering abundant energy; thus, it can quickly become the mining hub for Bitcoin.
Bariero also strongly feels if the Itapúa power was adequately used to reduce the energy prices then the Chinese owners who have about 150,000 units could actually get lured to Paraguay. And if this continues for the next ten years, then Paraguay will be in a position to clear its external debt. The country has a lot of potential with the abundant power source that they have in place.
The Dam Is Able to Change Lives Around Paraguay
It is clear the dam is able to improve the lives of people around, an opportunity that seems to have been missed because of the politics that surrounds it. A development expert in Paraguay, Miguel Carter, explains that if they are able to negotiate a much fairer price for the energy they produce, then the country will be able to fund its own schools, hospitals and even the railways. All which are in dire need for an upgrade.
Cater has been able to see a better world that was lost when Brazil was able to beat Paraguay in signing the 1973 Itapúa treaty, a move that lost Paraguay the potential of getting an income of about $57.7 billion.
This is not all as it was confirmed in October this year that the Brazil military in fact murdered the ambassador for Paraguay in the year 1979, this was to prevent the revelation that billions of dollars were being used in kickbacks when the dam was being constructed, money that would have been able to make a significant change within the country.