Insight Group: Paraguay will become the largest Bitcoin mining center in Latin America

Paraguay reportedly has all the ingredients to become a Latin American bitcoin mining powerhouse, according to Insight Group. The first advantage Paraguay has over other countries in the region is the abundance of clean, cheap hydroelectric power that can be used to set up large bitcoin mining operations. Most of the electricity comes from the Itaipu Dam. According to reports, Paraguay is the most attractive place for miners after the exodus of Chinese miners. Paraguayans only consume about 10% of the electricity produced. While most of the energy is exported to neighboring countries, it could power large-scale mining operations in the future.