By Tyler S - Cryptocurrency Investor - 03-08-2021
Reportedly, multiple Bitcoin (BTC) mining companies from China are currently relocating their businesses to Paraguay. The sudden relocation of 8 Chinese firms comes as a result of the recent crypto crackdown in China.
Unfortunately for the cryptocurrency trading community, the crackdown took a toll on the market, leaving many investors uncertain about their crypto market investments. However, there's an indication that the move to Paraguay could last for a few years, according to industry predictions. The move also sees over 500,000 machines that are being gradually shipped to Paraguay, ready to start mining.
Juanjo Benitez Rickmann, CEO of the Paraguay-based mining corporation, stated that the endeavour has been successful thus far due to 90,000 BTC mining rigs being installed during the operation. Rickmann further states that ever since the crackdown, many anonymous companies have recently been in contact with mining businesses in Paraguay.
Paraguay mining companies utilise renewable hydroelectric power energy to mine Bitcoin investments, which demonstrates the country's electrical generation strategy that minimises their carbon footprint. Surprisingly, the hydroelectric dams in Paraguay provide the most renewable electricity via hydropower globally.
The two dams in Paraguay Itaipú and Yacyretá, the biggest in the country, produce nearly 8,500 MW of power. Out of the 8,500 MW of hydropower created, Paraguay itself actually consumes less than half of that. Because of the large amount of green energy in excess, Rickmann believes that Paraguay can help provide a permanent business solution for miners moving in from China.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards