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Chinese Group Looking to Buy One of Latin America's Largest Bitcoin Mines

Rocelo Lopes, CEO of Stratum, CoinPY, and one of the leading names in the Bitcoin and cryptocurrency market in Latin America, is negotiating the sale of Brazilian-owned, Paraguay-registered mining farm CoinPY, once a leading crypto company in Latin America.

According to exclusive information obtained by Cointelegraph, the negotiation is already advanced and the entire mining plant in Paraguay will be sold to a Chinese group that already operates similar farms in China.

China is one of the main centres for cryptocurrency mining

Chinese miners concerned about tightening regulations

The group reportedly sought out Lopes for regulatory reasons, imagining a difficult scenario in China after the launch of any Chinese central bank digital currency (CBDC) that could cause a new wave of persecution in the cryptocurrency industry.

Tightening regulations cause Chinese miners to look elsewhere

The move follows other Chinese miners looking for alternative locations to set up operations, as the world's leading Bitcoin mining region is Sichuan. The rainy season there runs from April to September, and many miners move operations to Inner Mongolia, Xinjiang and Yunnan during the dry season to take advantage of the energy generated by thermal power companies. Read More