Bitfarms is scaling up bitcoin mining in Paraguay

31th of August, 2023

Paraguay has come under the scrutiny of BitFarms, one of the largest representatives of the cryptocurrency mining market. BitFarms is increasingly mining bitcoin on the territory of this country. The increase in cryptocurrency mining is already having a tangible impact on the industry as a whole.

It became known that BitFarms expanded its mining activities by opening a new bitcoin mining complex in Paraguay with a total capacity of 50 MW. Representatives of the company note that such a step was the result of the creation of favorable conditions for the crypto industry in Paraguay.

The mining complex is located in the Paso Pe district. The facility will reach its peak capacity in early 2024.

BitFarms takes an unusual approach to financing such projects. The company uses vendor loans to open the complexes and purchase equipment. In this way, it has managed to optimize profitability, which is an indicator of a well-thought-out, forward-thinking financial policy.

The opening of a large mining center in a relatively undeveloped jurisdiction is an important event for the cryptocurrency industry as a whole. Such a decision allows us to conclude that bitcoin mining will show good development indicators in the future. In addition, this is great news for investors, as they get new opportunities.

About getting a residence permit in Paraguay

The active involvement of this country in the crypto-industry is a good reason to consider the option of obtaining a residence permit for Paraguay. By obtaining this status, you will be able to take advantage of all the benefits of a potential global cryptocurrency center.

To obtain a residence permit, it is best to seek professional help. Firstly, this procedure is obviously not the easiest in terms of bureaucracy. Secondly, each country has its own legal peculiarities, which you should definitely know. And Paraguay is no exception.

Intelligent Solution Group company has been providing the service of obtaining a residence permit in Paraguay for several years.

The procedure of obtaining a residence permit lasts only a month, you will need to come to the city of Asuncion (the capital of Paraguay). Do not worry, because representatives of the company will meet you at the airport and fully accompany you at all stages.

Important! The conditions for obtaining a residence permit have become more convenient. In addition to the fact that the cost of the service has decreased almost three times, now you do not need to visit the Brazilian city of Foz and do not need a visa.

Before obtaining a residence permit and after the procedure, you do not need to live in Paraguay. You will enjoy the benefits of a loyal tax system: tax on foreign income - 0%, tax on income earned in Paraguay - 10%. If you wish, you will be able to work here and run your business without any restrictions. After 3 years after obtaining a residence permit, a resident can apply for citizenship.