Bitcoin Miner Turns to Paraguay Itaipu Dam to Power Its Facility
Sazmining Embraces Renewable Energy
Sazmining, a popular Bitcoin mining firm, opened its new facility in Paraguay early last week. The company has now announced that it will use renewable energy to power mining equipment.
Sazmining operates crypto mining rigs bought by customers and then takes a 15% commission for running them on their behalf. According to the company’s latest announcement, these mining rigs will be powered by hydroelectric energy, with the source being Itaipu Dam, located near the Brazil-Paraguay border.
The dam is currently the world’s “most expensive single object, per data on the Guinness World Record website. Paraguay splashed out over $26 billion to build the Itaipu Dam in 1984.
“Sazmining’s Presence in Paraguay Could Boost Country’s GDP,” Firm’s President Says
Sazmining boss Kent Halliburton says the Paraguay authorities have welcomed his firm’s presence as they have been selling hydropower at a loss to Brazil for several years. He adds that buying the surplus power generated at Itaipu Dam instead of Paraguay selling it at a loss will help improve the country’s GBP.
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Crypto mining is a key process on the Bitcoin network. However, it has triggered conflict with environmentalists who argue that it’s polluting the environment and consumes a lot of energy.
To mine Bitcoin, companies use specialized hardware called ASICs. These firms earn BTC coins in return. Considering that ASICs are highly energy-consuming equipment, energy cost is a vital consideration for miners.
Energy Costs: Paraguay vs. the US
As for Sazmining, Bitcoin mining in its new facility will cost $0.046 per kilowatt hour. By comparison, data from the United States Bureau of Labor Statistics shows that Bitcoin mining in the most powerful country costs $0.18 per kilowatt hour.
Many of the crypto mining firms in the US are based in Texas, as the state offers sufficient energy to run mining rigs, and its rules favor crypto players. Halliburton is convinced that Paraguay will soon be the new Texas due to its low energy costs.
Sazmining is among the few Bitcoin mining companies that have decided to go green as pressure continues to mount on miners to adopt renewable energy.
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