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Tuesday, February 18, 2025
HomeNewsParaguay's abundant hydropower draws crypto miners, legal and not

Paraguay’s abundant hydropower draws crypto miners, legal and not

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In the Paraguayan city of Hernandarias, a data centre with row upon row of supercomputers stands as a testament to a burgeoning crypto mining sector fuelled by the South American country’s abundance of green electricity.

Run purely on renewable power, the football field-sized site was erected by local company Penguin Group near the Itaipu hydroelectric power plant, one of the world’s largest, on the Paraná river.

Landlocked Paraguay, whose economy is driven by agriculture, is home to three hydropower plants.

This has helped attract more than 60 crypto mining sites in the last three years alone – representing more than US$1.1 billion in investments, Penguin spokesman Bruno Vaccotti told AFP.

Penguin, with a US partner, built its Hernandarias data centre for Bitcoin mining, artificial intelligence training models and cloud services as part of its vision for turning Paraguay into “Latin America’s tech hub.”

The only problem is that illegal crypto miners are also attracted… [continue reading at link, below].

Source: Crypto Mining News - Bing

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