Sazmining, a hosted Bitcoin mining provider committed to 100% renewable energy, has set its sights on South America with the establishment of a new facility in Paraguay. Slated to commence operations on September 15th, the facility takes advantage of Paraguay's low electricity prices, offering hosting at an competitive rate of 4.7 cents per kWh – a far cry from the average cost of 16.1 cents per kWh in the United States.
"By harnessing surplus electricity, Bitcoin mining has ingeniously transformed Paraguay's previous losses into a profitable venture for the entire nation," stated Kent Halliburton, President and COO of Sazmining. "Embracing this development, Paraguayan politicians and the local power provider, ANDE, are actively participating in electricity-for-Bitcoin transactions. Beyond immediate financial gains, Sazmining has a larger vision focused on creating a sustainable and forward-looking future by investing in electrical infrastructure that will benefit Paraguay for generations to come, extending well beyond the lifespan of any Bitcoin mining activities."
As a fully non-custodial service, Sazmining ensures customers' Bitcoin rewards are directly sent from the mining pool to their private wallets. Operating on a mutually beneficial model, Sazmining only earns when the customer does, incentivizing them to optimize the mining environment for maximum efficiency and the longevity of the miners.
The facility will provide customers with their signature white-glove, on-site maintenance, customer-service experiences, and a dedicated security team to ensure the highest standards of safety and performance.
In 1971, Brazil and Paraguay joined forces to construct the Itaipu Dam, generating 14 gigawatts of electricity. Under the agreement, Brazil financed the project, and in return, Paraguay received surplus electricity beyond its domestic needs. Initially faced with the challenge of handling this surplus, Paraguay started selling the excess power to Brazil, albeit at a financial loss. However, the advent of the Bitcoin mining industry has now presented a perfect solution to this situation, allowing Paraguay to not only profit from their surplus energy but also house advanced Bitcoin mining facilities.
via bitcoinmagazine.com
