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Sazmining, a Bitcoin mining company, has launched a new 100% renewable energy facility in <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/">Paraguay</a>. The facility will draw power from Itaipu Dam, <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/">Paraguay</a>'s largest hydroelectric structure. Sazmining President Kent Halliburton sees this as a game-changer for the industry and Paraguay, according to <a href="https://decrypt.co/201963/bitcoin-miner-sazmining-paraguay-itaipu-dam">decrypt</a>. 
The company operates Bitcoin mining rigs for customers and takes a 15% commission. Itaipu Dam, which holds the Guinness World Record for the most expensive object ever built, cost $27 billion in 1984. Adjusted for inflation, this number skyrockets to $35 billion. 
Halliburton revealed that Paraguay has been selling 5 Gigawatts of hydroelectric power at a loss to Brazil. Because of this, local authorities and communities have welcomed Sazmining's operation. By buying surplus energy, the company aims to convert a deficit in Paraguay's GDP into a surplus, Halliburton said. 
Energy cost is a critical factor for Bitcoin mining. According to Sazmining, the cost per kilowatt-hour at the new facility will be $0.047. This rate stands in stark contrast to the <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/">U.S.</a>, where <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">energy costs</a> average $0.17 per kilowatt-hour. 
<a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">Texas</a> is often cited as a leading region for Bitcoin mining due to its energy programs. Halliburton believes Paraguay could be "the new <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">Texas</a>" for miners, even though its grid is less developed. By agreeing to a 95% power uptime, the company has secured lower rates, he said. 
Sazmining's move comes as Paraguay accounts for just 0.15% of Bitcoin's global <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a>, according to data from September 2021. Despite this, Halliburton sees the low <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a> as an opportunity, positioning Sazmining ahead of a potential influx of miners to the country. 
In summary, Sazmining's new venture in Paraguay is not only a bold move for the company but also a significant shift for the country and potentially the entire Bitcoin <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">mining industry</a>. By tapping into renewable energy and attracting new business, Paraguay is taking steps to emerge as a global player in the crypto mining scene.

Sazmining Bets on Paraguay’s Hydro Power, Eyes Becoming the “New Texas” of Bitcoin Mining

Ultramining_Eng

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