Official reports from Paraguay's Ministry of Industry and Commerce or reputable financial news outlets

Paraguay to Sell Excess Itaipu Hydro-Power to Bitcoin Miners in Economic Strategy

Jun 10, 2024, 12:13 PM

Paraguay's government, under President Santiago Peña, is targeting cryptocurrency mining to utilize the country's surplus energy. The Minister of Industry and Commerce, Javier Gimenez, announced that the strategy involves selling excess hydro-energy, particularly from the Itaipu hydro-power station, to Bitcoin miners. This initiative is part of Paraguay's new Economic Development strategy, which aims to boost the country's industry and monetize its energy surplus more effectively. Paraguay is reportedly earning more from selling energy to Bitcoin miners than from traditional sales to Brazil. The government envisions a three-year rebuild through energy sales to the cryptocurrency sector. The Itaipu hydro-power station is one of the world's biggest, yet only 20% of the generated power is used. Gimenez emphasized that Bitcoin mining is considered legal in this strategy.