Getting out of an economic turmoil takes time and a lot of effort. Paraguay, which in the recent past has experienced significant economic growth can attest to this. The country has had to tackle poverty issues for the longest time possible. However, it has tapped on some social development, which has resulted into Bitcoin miners flocking the country. With the cryptocurrency mining becoming popular by the day Paraguay?s Itaip? Dam has made a decision to support bitcoin and ethereum mining.
The Itaip? Dam has attracted multitudes of cryptocurrency miners to a point that it has become the world?s hub of mining. It is the most powerful hydroelectric facility in the globe with a good recognition of the country?s border with Brazil and Argentina. The dam supports 20,000 cryptocurrency mining rigs as well as serving many other different purposes.
What will Paraguay?s social development offer to the fortune-seekers?
Ongoing search and discovery of riches more often than not drive people into doing extraordinary things. This is exactly what hundreds of fortune-seekers converging in Paraguay are exploring. The hydroelectric power from Itaip? dam has resulted in a crypto mining industry. It will not only benefit the Bitcoin miners but also those who are seeking to invest in Ethereum.
There are records indicating that a majority of the fortune-seekers are already profiting from the country?s increase in crypto mining. This is happening is at a time when the interest in cryptocurrency is rapidly growing thus the massive investment in the digital currency. However, there are those who feel that the power can be put into better use. For example, it can help a majority of those who are still living in poverty.
Capitalizing on Bitcoin mining boom
?Paraguay today is the only place where there?s abundant energy. We can become the center of global Bitcoin mining.? Says a tech entrepreneur, Gregorio Bareiro. Paraguay is a hub of clean and plentiful energy. Bareiro says that instead of exporting the energy to Brazil, the cryptocurrency-mining industry at home should benefit from having more capacity. He feels that the crypto boom in Paraguay can answer the country?s poverty woes. In any case, it does not seem like it is slowing down any time soon.