New mining opportunities in Paraguay. What's good and what's bad.

New mining opportunities in Paraguay. What's good and what's bad.

Paraguay has established itself as a new capital of mining in Latin America these days. As people are generally happy about it there are some that are not so much. The flood of new miners has taken the country by surprise and certainly has received a fair amount of backlash from the government as a result.

The senate of Paraguay has launched a bill for regulating mining and other crypto related activities in the country. It's been in the works since the fall of last year and is designed to make sure that the taxes are paid by all of the miners.

On the other hand a lot of their politicians see mining as a literal goldmine for the country. Especially for the government and the power related companies. The country has a "problem" with excessive amounts of electric energy coming from their hydroelectric power plants that do produce excessive power from time to time that could be used for example for mining.

Mining would actually be the best if not the only candidate for using that extra power because not a lot of industries are in need of such volatile supply of energy. Miners on the other hand can benefit from it a lot by using their rigs when the surge is happening and then let it rest when it's over. The word has already spread to Canada and China where people have been looking for alternate opportunities since the major crypto shutdown in China last year.

Other news

WSJ: Crypto-industry participants have started to prepare for the collapse of Binance
Binance is leaving Russia. Why it happened and what to do for its users
SEC once again postpones bitcoin-ETF decision
Unsubtle Optimism. How to make Ethereum faster and cheaper for everyone
JPMorgan has banned any cryptocurrency transactions for UK clients
Rapper Snoop Dogg was offered $194 for costing him $7 million NFT