Paraguay to Host the Development of World’s Largest Bitcoin Mining Farm
The government of Paraguay has joined hands with Commons Foundation, a South Korea-based blockchain technology company, to construct the world’s largest cryptocurrency mining farm. According to the official press release, the crypto mining farm will spread over a land area of 50,000 meter square, and is a part of the country’s new project called "Golden Goose”. As part of the same project, Paraguay also plans to launch global cryptocurrency exchange.
Paraguay plans to build the world’s largest crypto mining farm in Ciudad del Este, one of the biggest cities in the country located in close proximity of Itaipu Hydroelectric Power Plant. This power plan is also one of the world’s largest clean energy generating plants.
Paraguay has also got a surplus availability of renewable energy with very little consumption. Choi Yong-Kwan, Chairman of the Commons Foundation expressed positivity on their collaboration with the Paraguayan government. He stressed that in addition to the economic benefits, he was more happy about adopting an eco-friendly alternative for the power guzzling crypto-mining industry.
“Only 10 to 20 percent of electricity is produced at Itaipu hydroelectric plant and consumed in Paraguay. More than 80 percent of its electricity is exported overseas. We will build the world’s largest mining center in Paraguay using low-cost and abundant clean energy,” said Yong Kwan.
As part of the agreement, Paraguay said that it will facilitate cheap electricity, the land requirements as well as the required related infrastructure. Moreover, the Paraguay authorities also showed their readiness to revise the country’s constitution while making other necessary legislative amendments.
Under the new Paraguayan laws, the South Korean firm Commons Foundation also plans to conduct an Initial Coin Offering (ICO) along with a resale of digital tokens. Hugo Velazquez Moreno, vice president of Paraguay, said that he hopes this project turns out to be a big success and assured all the contractual support from the government.
“The Paraguay government will actively support the Commons Foundation’s ‘Golden Goose project’ and provide tax breaks through constitutional revisions,” he said.
Common Foundation chairman Mr. Choi Yong-Kwan also said that with such an open support from the government, the project is most likely to succeed. “We will create a new world-class ecosystem through ‘Golden Goose project,’ which is the world’s largest cryptocurrency mining center and the world’s largest cryptocurrency exchange,” he said.