The Paraguayan government is urging lawmakers to pass a bill that would impose up to 10 years in jail for illegal bitcoin miners, in response to the large amounts of electricity theft threatening the state-owned National Electricity Administration (ANDE). The bill includes provisions for Paraguayan police and prosecutors to seize and sell off mining equipment […]
Bitcoin News
Latam Insights: El Salvador Embraces Geothermal Bitcoin Mining, Bitfarms Expands Its Capacity in Paraguay
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador produced nearly 474 bitcoin using geothermal energy, Bitfarms expanded the capacity of its Paraguayan bitcoin mining facility, and Bitso launched an in-house Web3 wallet. El Salvador Reportedly Mined Nearly 474 BTC […]
Bitcoin News
Bitcoin Miner Bitfarms Enhances Paraguay Facility With New 100 MW Hydropower Deal
On Tuesday, bitcoin mining company Bitfarms, listed on the Nasdaq and Toronto Stock Exchange (TSX), announced it has secured an additional 100 megawatts (MW) of power from Paraguay’s state-owned utility firm, ANDE. The 100 MW is anticipated to double the capacity of the hydro-powered Yguazu site and should be fully operational by 2025. Bitfarms to […]
Bitcoin News
Latam Insights: Bitcoin Hurts El Salvador Credit Opportunities, Paraguay Supports Selling Power to Crypto Miners
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Bitcoin hinders El Salvador’s credit talks with the IMF, the Paraguayan Senate issues a statement supporting bitcoin miners, and Venezuela unveils a crypto-linked corruption scheme. Bitcoin Reportedly Hurts El Salvador Credit Opportunities With […]
Bitcoin News
Latam Insights: Paraguay Targets Bitcoin Miners, Brazil Mulls Crypto Taxation Changes
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Paraguayan lawmakers introduce a bill to ban cryptocurrency mining, Brazil to change crypto taxation framework, and a poll finds that Latam believes CBDCs might help combat corruption in the region. Paraguayan Lawmakers Introduce […]
Bitcoin News
Latam Insights: Brazil to Offer Bitcoin Futures, Paraguay Battles Mining, Worldcoin Wins in Chile
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: the Brazilian stock exchange will offer bitcoin futures contracts, Paraguay advances measures to curb illegal bitcoin mining operations, and Worldcoin gets a legal victory in Chile. Brazilian Stock Exchange B3 to List Bitcoin […]
Bitcoin News
Paraguay to Strengthen Measures to Fight Illegal Cryptocurrency Mining
The Government of Paraguay will strengthen the measures directed to combat the illegal cryptocurrency mining operations in the country. In a recent meeting, ANDE, the National Power Administration, the Supreme Court, and the Department of Justice, agreed to deal with these crimes swiftly given the damages they cause to the Paraguayan power grid. Paraguay Prepares […]
Bitcoin News
Latam Insights: Argentina’s Milei States Dollarization Is Close, Bitfarms Expands In Paraguay
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentine President Javier Milei reiterates dollarization is near, Bitfarms announces a new site in Paraguay, and El Salvador approves a soy-backed token issuance.
Argentina’s Milei Talks Dollarization Again
Javier Milei, president of Argentina, has referred to the possible dollarization of the Argentine economy again. In an interview with CNN anchor Patricia Janiot, Milei stated that the dollarization process was still part of the goals of his administration, but that he had to start healing the economy due to the state in which he received the country.
Milei explained:
We bought 5 billion dollars and in Argentina, the monetary base is 7.5 billion dollars. We are very close to being able to dollarize.
Milei advertised the shutdown of the central bank and the elimination of the national fiat currency as a key part of his government during his presidential campaign. Recently, he has been pushing for reforms to diminish the size and influence of the state in several affairs, having issued an emergency executive order (currently under the scrutiny of national courts) and sending an omnibus law to Congress to this end.
Bitfarms Announces Expansion in Paraguay
Bitfarms, a Nasdaq-listed cryptocurrency mining company, announced the expansion of its operations in Paraguay. The company reported having secured land near the Itaipú Dam, one of the largest hydroelectric energy reservoirs in South America and the world. The land will be hosting a 100MW new mining site to be completed later this year.
Geoff Morphy, president and CEO of Bitfarms, stated:
Positioned to benefit from the region’s abundant renewable energy resources, this new facility should be sustainable both economically and environmentally.
Furthermore, Morphy added that with this new facility, 85% of the portfolio of the company’s operations will be powered by “low-cost green energy that promotes environmentally sustainable bitcoin mining.”
El Salvador Authorizes Soy-Backed Token Issuance
The National Digital Assets Commission of El Salvador authorized the issuance of ESOY, a token backed by soybeans, being the country’s first private tokenized asset issuance. 7.6 million tokens that will be available for 60 months were issued, with each ESOY token being backed by a bushel of soy grains, according to the site of E-grains, the company behind this issuance.
The commission stated that this “opens the doors to private issuances after the historic milestone of the Volcano Bond, the first issuance approved on December 11, 2023.” 0 million of these instruments were issued on January 18.
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Bitfarms Expands Mining Operations With New 100 MW Facility in Paraguay, Aiming for 21 EH/s Capacity by Year End
On Wednesday, Bitfarms, a bitcoin mining enterprise listed on the U.S. stock market, revealed the successful acquisition of a new site in Yguazu, Paraguay, earmarked for a 100 megawatt (MW) mining facility. This development is part of Bitfarms’ ambitious plan to escalate its capacity to 21 exahash per second (EH/s) by year’s end.
Bitfarms Targets 21 EH/S Capacity With New Paraguay Facility
The announcement by Bitfarms (Nasdaq: BITF) about securing land in Yguazu, Paraguay, aligns with the current trend of significant expansion observed in the mining sector. This period has seen numerous mining corporations extend their operations and procure an extensive array of tens of thousands of application-specific integrated circuit (ASIC) mining rigs.
“The newly acquired land is located in the heart of Paraguay near the Itaipú Dam, the third largest hydropower dam in the world with 14 gigawatts of installed capacity,” Geoff Morphy the president and CEO of Bitfarms remarked on Wednesday. “Positioned to benefit from the region’s abundant renewable energy resources, this new facility should be sustainable both economically and environmentally.”
Morphy added:
Once Yguazu comes online, over 85% of our portfolio will be powered by low-cost green energy that promotes environmentally sustainable bitcoin mining.
Bitfarms anticipates completing the construction phase by the latter part of 2024. This growth is a key component of Bitfarms’ strategy to boost its corporate hashrate to 21 EH/s by the close of 2024, leveraging a purchase option agreement with Bitmain for additional T21 mining rigs. On Wednesday, BITF shares witnessed a 5% increase in value against the U.S. dollar, yet the stock has experienced an 8% decline over the week. Additionally, 30-day data reveals a loss exceeding 25% in BITF shares’ value this month.
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Hydro Expansion: Bitfarms Begins 50 MW Bitcoin Mining Farm Buildout in Paraguay
Bitfarms Ltd. has started development on a new 50-megawatt (MW) Bitcoin mining facility in Paraguay, the company announced on August 7, 2023. The farm will be located in Paso Pe near Bitfarms’ existing mining operations in Villarrica and is expected to be fully operational in the first quarter of 2024.
Bitfarms to Pioneer Hydro-Cooled Mining in Paraguay With New 50 MW Facility; Prepares for 2024 Bitcoin Halving
The announcement comes just weeks after Bitfarms (Nasdaq: BITF) secured 150 MW of hydropower contracts in Paraguay. According to Bitfarms CEO Geoff Morphy, the company chose Paraguay for expansion due to low building costs and fast construction timelines.
“Achieving high operating efficiencies while minimizing capex is an overarching goal in our global growth strategy heading into next year’s halving,” said Morphy. “Based on our experience in the jurisdiction, Paraguay affords both low building costs and fast time to completion.”
The new facility will consist of a 50 MW substation, a 30 MW air-cooled warehouse, and 20 MW of hydro-cooled mining containers from Microbt. Bitfarms will install 1,920 of Microbt’s new M53S+ miners in the containers, which are specially designed for immersion cooling.
The miners and infrastructure are being purchased entirely with vendor credits, significantly reducing Bitfarms’ cash outlay. According to Bitfarms Chief Mining Officer Ben Gagnon, the M53S+ miners will produce 675 PH/s at an efficiency of 28.5 W/TH, making them some of the most efficient miners in Bitfarms’ fleet.
This marks Bitfarms’ first foray into hydro-cooled mining, a technology that Gagnon says has the potential to be less expensive than traditional immersion cooling. The company believes rapid expansion in Paraguay highlights Bitfarms’ strategy of pursuing low-cost power sources to improve profitability, especially heading into the Bitcoin halving in 2024.
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