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.