Sazmining’s Paraguay-based bitcoin mining facility brings the lowest energy costs possible to the bitcoin mining industry.
BETHESDA, Md., July 27th, 2023 /PRNewswire-PRWeb/ — Sazmining, a hosted bitcoin mining provider committed to using 100% renewable energy, expands into South America with a new facility in Paraguay. Scheduled to start operating on September 15th, the facility capitalizes on the country’s low electricity prices, to offer hosting at just 4.7 cents per kWh, compared to the average US-based cost of 16.1 cents per kWh – a massive difference in savings that makes Paraguay the ideal location to host the most cost-effective way to sustainably mine bitcoin.
In 1971, Brazil and Paraguay made a joint agreement to construct the Itaipu Dam, a powerful energy facility generating 14 gigawatts of electricity. Brazil financed the project while Paraguay received surplus electricity beyond its capacity to utilize. To address this surplus, Paraguay began selling the excess power to Brazil, initially at a loss. The emergence of the bitcoin mining industry now presents a unique solution to this situation, allowing the country of Paraguay to profit from their surplus energy while hosting the most advanced bitcoin mining facility in the world.
Kent Halliburton, President and COO of Sazmining, shared, “By leveraging the surplus electricity, bitcoin mining effectively transforms what was once a loss into a profitable venture for the entire country. Paraguayan politicians and the local power provider, ANDE, have embraced this new development, actively participating in electricity-for-Bitcoin transactions. Beyond immediate financial gains, Sazmining’s larger goals are focused on fostering a more sustainable and forward-looking future by investing in electrical infrastructure that will continue to serve Paraguay for generations, extending well beyond the lifespan of any bitcoin mining activities.”
As a fully non-custodial service, Sazmining sends customers’ bitcoin…
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