Bitcoin Mining Company Taps into Cheap Hydropower in Paraguay, Sees Opportunity as New Texas for Mining
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Bitcoin mining company Sazmining opened a new renewable energy facility in Paraguay powered by the Itaipu hydroelectric dam.
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The dam sells surplus energy to Paraguay at a loss, so local authorities welcome the mining facility which buys the excess.
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The new facility's energy costs are $0.047 per kilowatt-hour, much lower than the US average of $0.17.
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Sazmining's President believes Paraguay can become the new Texas for Bitcoin mining as the grid infrastructure develops.
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Paraguay currently accounts for only 0.15% of global Bitcoin mining, presenting an opportunity for early movers like Sazmining.