Paraguay becomes new hottest destination for cryptocurrencies market. The country has an excess of energy, it consumes only 13% of the volume produced and sell out the remaining part, especially to the it’s neighbor, Brazil. The key place for electricity generation is Itaipu Dam. This dam generates at least 103 million megawatt-hours of electricity a year and prop the status of Paraguay as the global leader in electricity export.
This abundance of electricity results in to the $0,04 average price per kilowatt-hour that is about one-third cheaper than for example in Argentina. As Guardian newspaper notes that miners prefer mining Bitcoin and Ethereum here. The coming feature of mining in Paraguay is going to be portable trailers stuffed with mobile mines.
South America becomes a convenient place not only to mine cryptocurrencies but a starting point for new wave of their mass adoption. Venezuela is leading a way since the country faced an abrupt situation in economy, rapid devaluation of its national money. The desperate situation in Venezuelan economy forced Caracas to introduce its own cryptocurrencies, Petro. Meanwhile other South American countries are also on the crypto board. Every eighth person in Brazil owns cryptocurrencies.