Bitcoin mining hosting service provider Sazmining will operate in Paraguay with a zero carbon footprint and receive electricity to power its mining equipment from the hydroelectric plant at the Itaip Dam.
Sazmining said that utilizing excess energy from the Itaip Dam will allow the company to significantly reduce its electricity costs. Sazmining founder and CEO William Szamosszegi said it is an ideal location for mining based on clean, renewable sources and cheap hydropower.
He explained that the company gets to connect mining plants at $0.047 per kWh, which is significantly cheaper than the average cost of $0.16 per kWh in the US. The new Sazmining facility is planned to offer hosting services for 1,600 mining rigs. The facility is scheduled to begin operations on Sept. 15.
In June, Tether CTO Paolo Ardoino announced that the company had co-funded Salvadoran startup Max Keiser’s Volcano Energy. The startup is building mining facilities that are going to utilize energy from local thermal springs.
Eleanor Ashworth is editor-in-chief at BTCNews. A Cambridge-trained journalist with 18 years across the Financial Times, Reuters and the Telegraph, she joined the crypto beat in 2017 after covering the Bank of England and HM Treasury. She holds the SABEW Best in Business award (2022) and was shortlisted for the British Journalism Awards (2023). At BTCNews she sets the editorial line for Bitcoin and macro markets coverage, with a focus on institutional adoption, regulation and central-bank policy. Based in London.
