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Paraguay’s Biggest Dilemma: Use Energy for Bitcoin or Economic Development

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For Paraguay: To invest more in cryptocurrency or bitcoin mining or for economic strategies to uplift rampant poverty in this South-American country.

Paraguay is blessed abundantly with natural resources and energy is one resource which is plentiful, thanks to the mighty Itaipu dam. A debate now rages on the utility of the energy generated by this dam – to invest more in cryptocurrency or bitcoin mining or for economic strategies to uplift rampant poverty in this South-American country.

 

Itaipu’s blessings

Cities in the developing economy of Paraguay are suddenly adopting bitcoin and Ethereum mining thanks to their proximity to the mighty Itipau’s hydel power generation capability.

The country has roughly 20,000 such units and continues to mushroom at the unlikeliest of the places, quickly replacing the drug smuggling, cartels and other illegal activities which are local to the area, thanks to drug lords and warring factions.

 

Paraguay sitting on bitcoin mining power

Considering the employment and productivity opportunities crypto-mining is offering its people, Itaipu’s incredible power generating capacity is highly appreciated.

However, the infrastructure – namely computers and cooling systems which are by default necessary for mining bitcoin is a disadvantage.

The other side of the bitcoin mining argument is that the government and its administrators should seriously pursue a populist policy and work towards the liberation of its people from poverty.

The divide between the rich and the power in Paraguay is very lop-sided, and according to reports issued by the World Bank, the country has one of the highest levels of inequality in terms of land ownership.

According to a tech entrepreneur Barreiro, who is offering indigenous cooling systems for mining infrastructure,

“Paraguay today is the only place where there’s abundant energy. We can become the center of global bitcoin mining.”

Since Itaipu dam output far exceeds the country’s consumption needs, Paraguay is often found selling their share of the power generated with co-sharer Brazil. However, the prices at which this transaction is far below the standard market prices, thus pushing Paraguay into a loss-making venture.

The power in domestic markets is priced $0.5 per kilowatt hour.

This surfeit of power availability has also resulted in attracting a huge number of startup and other industries into Paraguay.

For entrepreneurs like Barreiro, the number of units being started in Paraguay is very less and limited. He recommends that the government should seriously explore cutting power prices further so as to attract the China-based factories to Paraguay. Nearly 150,000 units can thus be attracted the cooling –equipment manufacturer.

Further, industrialists should be encouraged to develop cryptocurrency-backed units, even as the debate languishes among politicians and other stakeholders who would rather explore mainstream options. Besides, their current focus is only sharing the financial dividends available from the dam’s production. In 2023 they want to gain more from Itaipu’s blessings.

 

Researchers’ recommendation

The debate also considers the outcome suggested by researchers who recommend the use of energy produced by the dam to build local and native production/manufacturing sector and thereby provide jobs for nearly 2m. This would also have indirect benefits such as quadrupling GDP of Paraguay.

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Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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Bitcoin Cash BCH Hash Wars: Who is winning?

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The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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