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Bitcoin Miner Pow.re Begins Construction of Mining Facility in Paraguay, Acquires 3,600 Microbt ASIC – Bitcoin Mining News

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According to crypto mining operation Pow.re Holdings Limited, the company announced that it has begun construction of two new mining facilities in Asuncion, Paraguay. The new data centers will operate 12 megawatts of hydropower, and the company has also acquired 3,600 Microbt Whatsminer mining rigs that produce approximately 396 peta hash per second (PH/s) of hash.

Bau.Re Holdings Ltd. begins construction of mining facilities in Paraguay

On October 13, Pow.re revealed that the company has begun building two new bitcoin mining facilities in Paraguay. The first site is expected to be fully operational by the end of the fourth quarter of 2022 and the second to be ready by the first quarter of 2023. The company says the expansion will add more hashing power to the company’s operations and hopes to achieve 0.5 exahs per second (EH/s) by the second quarter of 2023.

Bitcoin Miner Pow.re Begins Construction of Mining Facility in Paraguay, Acquires 3,600 Microbt ASIC
Asuncion, Paraguay.

Recently, Pow.re appeared in the news after it was revealed that the Mohawk Council of Kahnawake in Quebec has been seeking power for crypto-mining opportunities. The report indicated that Pow.re was working with members of the Kahnawake Council. As far as the recent expansion into Paraguay is concerned, co-founder of Pow.re and COO SJ Oh explained that the project stems from “two years of due diligence” that is beginning to bear fruit.

“Proof-of-work protocols have the potential to serve as synthetic batteries for stranded renewables, and we look forward to contributing to the spread of renewable energy generation,” Pow.re co-founder added during the announcement.

Company gets 396 PH/s worth of Whatsminer mining rigs from Microbt

In addition to starting construction of two mining hubs in the Asuncion region of Paraguay, the company has acquired 3,600 Microbt Whatsminer mining rigs. Delivery of the Microbt devices is scheduled to reach Asuncion by the end of October. The machine will produce approximately 396 PH/s for Pow.re and company co-founder Ian Descôteaux says Whatsminer models are known for reliability.

“Microbt units have been the backbone of our operations for the past two years and have proven their outstanding performance and reliability,” Descôteaux said Thursday. “These new units, which were purchased in line with our counter-cyclical asset acquisition strategy, keep our acquisition cost below market averages and should enable us to provide industry-leading ROIC to our investors.”

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What do you think of Pow.re starting to build two mining centers in Paraguay? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

photo credits: Shutterstock, Pixabay, Wikicommons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Cryptocurrency

How to keep your cryptocurrency safe after the FTX crash

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The fall of cryptocurrency exchange FTX has forced many to reconsider their general approach to investments — from self-holding to checking for on-chain funds. This shift in approach was mainly driven by the distrust of crypto investors in the entrepreneurs after they were deceived by the CEO and co-founder of FTX. Sam Bankman-Fried (SBF).

FTX crashed after SBF and its partners were caught secretly reinvesting users’ money, leading to a Loss of at least $1 billion of customer funds. Efforts to restore investor confidence have led to rival cryptocurrency exchanges proactively boasting of proving their reserves to confirm the existence of users’ funds. However, community members have since demanded that exchanges demonstrate their commitment to protect reserves.

With SBF, the self-proclaimed “Most Generous Billionaire,” committing fraud in broad daylight with no apparent legal implications, investors must maintain a defensive stance when it comes to protecting their investments. To protect assets from fraud, hacking, and misappropriation, investors must take certain measures to maintain complete control of their assets—often considered a best crypto investing practice.

Transfer your money from cryptocurrency exchanges

Cryptocurrency exchanges are widely used to buy, sell and trade cryptocurrencies for a small fee. While other methods, including peer-to-peer and outright selling, are always an option, the higher exchange liquidity allows investors to match orders and ensure they don’t lose money during a transaction.

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The problem arises when investors decide to keep their money in wallets owned and offered by the stock exchanges. Unfortunately, this is where most investors learn the “not your keys, not your coins” lesson the hard way. Cryptocurrencies that are stored in wallets provided by the exchange are ultimately in the possession of the owner, which in the case of FTX users, has been abused by the SBF and its partners.

Avoiding these risks is as simple as moving funds from an exchange to a wallet without shared private keys. Private keys are secure cryptocurrencies that allow access to funds stored in crypto wallets, which can be recovered using a backup phrase in case they are misplaced.

Hardware wallet: The safest bet for storing cryptocurrency

Hardware wallets provide complete ownership of the private keys of a crypto wallet, limiting the funds’ access to only the owner of the hardware wallet. After purchasing cryptocurrencies from an exchange, users must voluntarily transfer their assets to a file hardware wallet.

Once the transaction is completed, the owners of the cryptocurrency exchange will not be able to access the fund. As a result, investors who choose a hardware wallet will not risk losing money due to scams or hacks that happen across the exchanges.

Related: What is a bitcoin wallet? A beginner’s guide to storing bitcoin

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However, while hardware wallets add to the overall security of funds, cryptocurrencies remain at risk of non-permanent losses when the value of the token falls beyond recovery. Hardware wallet providers have seen a sharp increase in sales as investors slowly move away from storing their assets on exchanges.

Don’t trust, check

In all crypto crashes this year – incl 3ACAnd the Terraform LabsAnd the CelsiusAnd the Voyager And the FTX Breaking investor confidence was a common and obvious theme. As a result, the slogan “Don’t trust, verify” is finally resonating with both new and seasoned investors.

Popular cryptocurrency exchanges, incl BitfinexAnd the binanceAnd the OKXAnd the ByteAnd the Huobi and Gate.io, have taken proactive methods to display proof of their reserves. Exchanges have introduced portfolio information that allows investors to self-check the presence of their funds on the exchange.

While the Proof of Reserve provides a snapshot of an exchange’s reserves, it fails to provide the full picture of its finances because information on liabilities is often not publicly available. On November 26, Kraken CEO Jesse Powell contacted him Binance Reserve Proof of “Either Ignorance or Willful Misrepresentation” Where the data did not include negative balances.

but, Binance CEO Changpeng Zhao He refuted Powell’s claims by saying that the exchange has no negative balances and that will be verified in an upcoming audit.

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The above three considerations are a good starting point for protecting your crypto assets from the bad guys. Some other popular methods are used to take control away from cryptocurrency entrepreneurs Decentralized Exchanges (DEX)And the self-custodial governors (non-custodial) and conducting extensive research (DYOR) on projects that appear investable.