Due to the fact that the city has low energy prices and no problems to import technological products, Ciudad del Este is now home of important cryptocurrency mining farms. In the past the city hosted centres of counterfeited goods, but now it is moving towards the new technologies.
Ciudad del Este – Bitcoin Mining City
In the last years, virtual currencies have been expanding all over the world. New activities have appeared in the economy, and important companies have decided to invest in these new technologies.
There are different countries with important mining farms, Iceland, China, Russia, the United States, Canada, and many others. But those countries with cold temperatures and cheap electricity prices have a very important advantage.
This Paraguayan city may not have cold temperatures, but it has very cheap electricity. According to Laurence Blair, a journalist that travels through Latin America and works with The Guardian, The Economist and BBC has tweeted pictures about the mining farms that they have installed there.
Bitcoin/Ethereum mines in Ciudad del Este, Paraguay. ⚡️is 5x cheaper than in ?? – due to surplus renewable energy from Itaipú. At least 15,000 processors are running around the clock. pic.twitter.com/2jhGcLkh45
— Laurence Blair (@LABlair1492) July 19, 2018
At Ciudad del Este people pay $0,03 per Kw/h, 33% less than in Argentina. That means that they are paying the same as in Canada. But Paraguay has also another positive thing to mention: they have no restrictions to imports. It is very easy to acquire technological products such as ASIC miners or GPUs to mine other virtual currencies.
Some miners that were working in Brazil or Argentina are now moving to Paraguay were they can find the most efficient place to mine cryptocurrencies. Some other companies were moving to Canada, but Paraguay is much closer, even when the temperatures do not go so down.
It is important to mention that the cheap electricity that the city has comes from Itaipú’s Dam, which is one of the most important all over the world. It generates more than 100 million MW/h and the excess of energy is sold for very cheap prices.
Paraguay could be the home of an important mining centre in South America and the Southern Cone, allowing investors from Argentina, Chile, Uruguay and Brazil to place their funds in the country. Argentina and Brazil are very active players in the virtual currency market, and the Argentine peso is the 8th most traded currency against BTC.
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