Bitcoin mining has new headquarters in Latin America
Bitcoin mining has a new Latin American headquarters in the Guatemalan municipality of Panajachel, and activity in Latin America seems to have increased in recent months. It is also expanding more and more around the world.
This increase in use is due to several socio-economic factors, as several Latin American economies have seen their currencies devalued in recent years and in particular since the start of the pandemic. For this reason, more and more people see in crypto-activities an opportunity to avoid the devaluation of their assets.
On this occasion, the city of Panajachel, located in Guatemala, is said to have joined in. The municipality of the city — known in colloquial language as “Pana” — decided to give the green light to a project to promote bitcoin mining in the municipality.
Similarly to El Salvador, it is planned to harness geothermal energy from volcanoes to mine bitcoin. If we take into account that the energy demand of mining is high, using available energy sources is a great advantage to reduce costs and direct the activity more profitably. Therefore, in Central America there are already initiatives underway to mine with volcanic energy.
Bitcoin Cities in Latin America
Panajachel is one of the cities where bitcoin has started to gain momentum in recent times. With the help of Bitcoin Lake, there are already more than a dozen businesses that accept BTC as a means of payment.
In addition to this project, there are already similar ones in the region. Not only El Zonte, which served as the basis for what eventually became the first country in the world to adopt bitcoin as legal tender.
We can also count cases in Costa Rica, Brazil or Ecuador In addition to projects with the concept of a citadel or bitcoiner community, bitcoin mining has recently become very popular in Latin America.
Large projects have already been announced in countries like Argentina and Paraguay, while Venezuela maintains its attractiveness for the activity with some of the lowest electricity consumption rates.
Originally published at https://www.reddit.com.