Several companies are looking to Latin America and countries like Argentina and Paraguay to create new bases for Bitcoin (BTC) and altcoin mining operations.

Argentina and Paraguay are targets of crypto miners

According to Infobae and La Nacion, other companies keen to follow in the footsteps of Chinese firm Future Fintech announced plans last week to officially build a Bitcoin mining facility in Paraguay.

Earlier this year, several domestic media reported that at least eight “Chinese groups” were “interested” in opening business “with their groups” in Paraguay. That interest, alluded to by the media, has not gone away and may even grow.

Argentina and Paraguay have long been on the map for crypto miners and certain politicians in the country due to their abundant hydropower and cheap oil rigs. The country’s factories often generate excess energy, much of which is now wasted.

Argentina and Paraguay’s cryptocurrency mining potential

Currently, the Latin American region makes up only a small fraction of the global bitcoin hashrate. According to data from the University of Cambridge, Paraguay accounted for just 0.18% as of August this year, compared with 0.05% in Argentina. Other Latin American actors also made insignificant contributions, including Brazil with less than 0.5%.

Infobae’s own calculation of crypto mining power in Latin America puts Venezuela in second place with 0.42% of the global total and Paraguay with 0.29%.

And according to CEO Hunag Shanchun, the company Future Fintech is currently examining “possibilities to implement the installation of mining machines”.

Huang is said to have said:

“We plan to thoroughly evaluate this development opportunity in Paraguay. We will work with a local advisor to study Paraguay’s clean energy and hydropower resources, possible locations for a mining farm to develop, and incentives we might receive for its capital investments.

The key to this is the fact that, as the company pointed out, the Paraguayan government “supports” the crypto mining business.

“Many companies are planning to relocate their operations to Paraguay,” reported the media – a chorus that has been common in the country since July when the CEO of local Bitcoiner Digital Assets mining company, Juan José Benítez Rickmann, miners from both mainland China and China from mainland China claims Taiwan wants to move to the country.

It is estimated that around 5,500 megawatts of unused energy are currently being wasted in Paraguay, and experts have stated that this could be mined to “signal the dawn of the era of bitcoin mining on a nationwide basis”.

However, the media noted that Paraguay “isn’t the only country in the region with crypto mining potential”.

In Argentina, Bitfarms, the Bitcoin mining company listed on the Nasdaq, has started work on a “large” crypto farm with 55,000 mining rigs already installed.

The media noted that “most of the mining companies” interested in the region have been keeping an eye on Argentina’s Tierra del Fuego region due to the low temperatures – a factor that could help miners use refrigeration equipment.

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