Villarrica, the capital of Guaira, has the best electricity service in the country. A private company, Clyfsa, has been distributing energy supplied by the Ande for more than 50 years and that quality without many cuts has led to the establishment of so-called data mining in that city, which consumes a lot of hydropower, which we have in abundance.
Cryptocurrency mining is the process in which miners use computing power (hashing), to process transactions and earn rewards, in this case cryptocurrencies. Put another way, it is the process of adding new transaction records as blocks to the blockchain.
“We do not give our surplus energy to Brazil, we give it, not to say we practically give it away” were the words of the liberal deputy Salim Buzarquis to the BBC MUNDO journalist who came to our country to do a story related to cryptocurrency. She specifically went to the city of Villarrica to find out more about the crypto miners initiative where several people are involved in the complex computer process of obtaining digital coins.
Paraguay in Latin America is one of the countries with the lowest cost, and the cryptocurrency only requires energy, an opportunity for thousands of Paraguayans to convert energy into money. And it is a business that entered the city of Guairá a few years ago.
Place where there are 30 thousand computers dedicated to crypto mining two years ago.
A process that requires a lot of computing power as well as energy.
And in Villarrica there is energy to spare and at a low cost. One that can be well used, “if we had state policies that advocate that energy be used for our development,” were the words of Mercedez Canese, energy advisor to the Guazú Front.
New opportunities
Crypto mining is an important energy consumption if the investments are turned into the construction of cryptocurrency mines. When talking about energy consumption, in Paraguay we barely consume the 10% generated in Itaipu since 1973, which from next year we can sell or use our surplus energy for a better price.
In turn, this situation of energy use raises criticism as the water that generates energy is unlimited, droughts are more frequent and longer, which in turn makes it difficult to sustain the development of cryptocurrency farms.
The financial revolution is far from the great stock markets of the world or financial centers of the planet, but now with cryptocurrencies we open a new space of opportunities in this field for Paraguay.
Energy and its low cost open up a great opportunity for thousands of Paraguayans to build new economic opportunities in cities like Villarrica, which thus becomes a mecca for the greater use of hydropower.
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The entrance Gua’i crypto mining was first published in The Independent.
