In the silence of the Paraguayan afternoon, many cities vibrate. Thousands of industrial fans break the traditional calm while cooling machines that consume more electricity than entire industries. They don't manufacture tangible products. They generate bitcoin, the digital currency that has revolutionized global finance and is now transforming the world energy map.

Paraguay emerges as an unexpected protagonist in this digital revolution. Its imposing hydroelectric dams produce energy surpluses that were historically ceded to Brazil and Argentina. Now, mining companies from Canada, the United States, and China are installing enormous data centers to take advantage of this clean and economical electricity, rewriting energy relationships established over decades.

This transformation is replicated globally. Iceland, with its abundant geothermal energy; Kazakhstan, using its coal surplus; and Sweden, with its cheap nuclear electricity, compete to attract investments in cryptocurrency mining. The result? New players emerge on an international board where energy no longer just illuminates homes or drives traditional industries but is directly converted into digital currency.

The numbers are impressive. Bitcoin mining consumes approximately 121 terawatt-hours annually according to the University of Cambridge, exceeding the total electricity consumption of Argentina or Finland. This reality challenges the traditional conception of global economic power, where access to cheap and abundant energy transforms into an immediate competitive advantage in the crypto-asset market.

"Crypto mining represents the only industry capable of efficiently monetizing our energy surpluses," states Fernando Arriola of the Paraguayan Fintech Chamber. This argument resonates among local legislators and businesspeople who see an opportunity to retain the value of energy that historically was exported at questioned prices.

However, ANDE (National Electricity Administration) maintains reservations about this optimistic narrative. Their projections indicate that between 2030 and 2036, Paraguay could face an energy deficit. Crypto mining would accelerate this date, compromising the national supply while primarily benefiting foreign companies.

The environmental impact generates additional controversies. While promoters highlight the "green" character of Paraguayan mining for using hydroelectric energy, former Vice Minister Mercedes Canese warns about ignored vulnerabilities: "We're talking about a very large consumption of electricity in a country that is not prepared for climate change." The historic drought of the Paraná River in 2021, which reduced energy generation by 11.2%, confirms these concerns.

Electronic waste represents another underestimated threat. Mining equipment has a brief useful life, just 1.29 years according to recent studies. This generates approximately 30.7 metric kilotons of electronic waste annually from Bitcoin mining alone. Paraguay, where 80,000 tons of electronic waste are projected for 2025 in Asunción and Central (without considering mining), lacks adequate systems to manage this increase.

Labor distribution also shows contradictions. Promoters highlight highly paid jobs for local engineers, while data from the Social Security Institute reveals that two-thirds of mining companies have no registered formal employees. The 383 formal workers in the sector contrast with the enormous energy consumption, creating what academics like Cantero call "digital extractivism."

Brazil observes these developments with interest as 2023 approaches, a key year for renegotiating conditions of the Itaipú Treaty. The emergence of crypto mining as a potential consumer of Paraguay's energy surpluses modifies the context of these negotiations, adding pressure to retain electricity that historically was ceded to the neighbor.

This global energy transformation occurs in the midst of a climate crisis, when the latest IPCC report warns about irreversible impacts of global warming. Allocating enormous amounts of electricity—even renewable—to cryptocurrency mining contradicts global efforts to optimize energy resources and reduce emissions.

The industry partially recognizes these problems. Ethereum, the second most popular cryptocurrency, recently migrated from the intensive "proof of work" to "proof of stake," reducing its annual energy consumption by amounts comparable to the total consumption of Chile. Bitcoin, however, maintains its original high-consumption system.

Countries with energy surpluses now face crucial decisions about how to utilize these resources. Crypto mining offers immediate benefits but raises questions about long-term sustainability. The answer will define not only the economic future of these territories but also their role in an international system where energy acquires new political dimensions.

Meanwhile, in Paraguay, the industrial fans continue to buzz. The conversion of Paraguayan electricity into bitcoin proceeds tirelessly, symbolizing a global transformation in which energy geopolitics is rewritten with algorithms.