Paraguay's government, under President Santiago Peña, is targeting cryptocurrency mining to utilize the country's surplus energy. The Minister of Industry and Commerce, Javier Gimenez, announced that the strategy involves selling excess hydro-energy, particularly from the Itaipu hydro-power station, to Bitcoin miners. This initiative is part of Paraguay's new Economic Development strategy, which aims to boost the country's industry and monetize its energy surplus more effectively. Paraguay is reportedly earning more from selling energy to Bitcoin miners than from traditional sales to Brazil. The government envisions a three-year rebuild through energy sales to the cryptocurrency sector. The Itaipu hydro-power station is one of the world's biggest, yet only 20% of the generated power is used. Gimenez emphasized that Bitcoin mining is considered legal in this strategy.
JUST IN‼️- 🇵🇾 Paraguay's Minister of Industry and Commerce, Javier Giménez, stated that the government's strategy is to sell the surplus energy they produce to cryptominers. #Bitcoin https://t.co/TGN3Q8qJiH
Paraguay to sell excess hydro energy to #Bitcoin miners. 👉Major takeaway here is that Paraguay is explicitly doing this as a part of its new Economic Development strategy.✅ 👉Countries with excess power that could follow suit 👉Brazil🇧🇷, New Zealand🇳🇿, Austria🇦🇹, Switzerland🇨🇭 https://t.co/UPvdukoKLN
NEW: 🇵🇾 Paraguay's Industry Ministry Javier Gimenez sees "legal" #Bitcoin ⛏️ mining as a way to boost the country's industry, aiming for a 3-year rebuild through energy sales. https://t.co/n2rnwH3EoX
BREAKING: 🇵🇾 Paraguay to sell excess hydro-energy to #Bitcoin miners as part of it's new Economic Development strategy. Paraguay's Itaipu hydro-power station is one of the world's biggest, yet only 20% of the generated power is used. https://t.co/xo0639G8CH
NEW: Paraguay is earning more money selling their energy to #Bitcoin miners then by selling it to Brazil. https://t.co/8mEitzwu3h
Best way to monetize Paraguay’s surplus. Gradually then suddenly, #Bitcoin https://t.co/nUh2olEnEi
Peña's government targets cryptocurrency mining to use Paraguay's energy, says the Minister of Industry. The strategy of Santiago Peña's government is to use Paraguay's energy through sales to cryptocurrency mining, said the Minister of Industry and Commerce, Javier Gimenez,… https://t.co/3HzwTkLsvc