Argentina and Paraguay Are ‘Targets for Crypto Miners,‘ and Could Provide a Green Bitcoin Solution

<p>"Numerous organisations" are eyeing Latin America – particularly Argentina and Paraguay – as potential locations for Bitcoin (BTC) and altcoin mining operations.</p> <p>According to Infobae and La Nacion, additional enterprises are emulating Chinese company Future Fintech, which last week "made formal plans to create a Bitcoin mining operation in Paraguay."</p> <p>Earlier this year, a number of national media outlets stated that at least eight "Chinese groups" were "interested in" establishing a presence in Paraguay "with their teams." The media outlets said that interest has not waned and may perhaps have increased.</p> <p>Due to the amount of hydroelectric power in the country, Paraguay has long been on the radar of crypto miners and some politicians. The nation's power facilities frequently generate excess energy, much of which is being wasted.</p> <p>At the moment, Latin America accounts for only a small portion of the global bitcoin hashrate. According to University of Cambridge figures, Paraguay accounted for just 0.18 percent of the population in August this year, while Argentina accounted for just 0.05 percent. Other Latin American players made insignificant contributions as well, including Brazil, which contributed less than 0.5 percent.</p> <p>According to Infobae's own statistics, Venezuela has 0.42 percent of worldwide crypto mining capacity, while Paraguay ranks second with 0.29 percent.</p> <p>Regardless, all of this might change quickly now that Future Fintech has made its presence known. According to reports, the corporation has been "invited to Paraguay."</p> <p>And, according to CEO Hunag Shanchun, the firm is currently "reviewing methods of mining equipment installation."</p> <p>Huang is alleged to have stated:</p> <p>"We intend to do a thorough analysis of this development opportunity in Paraguay. We will work with our local consultant to assess Paraguay's hydropower and renewable energy resources, potential places for the creation of a mining farm, and the potential for preferenti