Paraguay could become a cryptocurrency mining hub in the near future. The government of Paraguay has signed an agreement with the Blockchain Technology Foundation “Commons Foundation”, which could be the starting point for the construction of the world’s largest crypto mining farm. The information was Approved from the “Commons Foundation” a few days ago.
Paraguay’s crypto mining hub
Paraguay wants will a crypto mining hub, not just in America but around the world. In a press release earlier this month, the Commons Foundation announced a contract to set up the “world’s largest cryptocurrency mining center” in Ciudad del Este. The contract was supported by the government.
With this agreement there will be five mining centers near the Itaipu hydropower plant. In addition, the partnership includes stable electricity prices for 15 years. It is also considering the establishment of high speed internet networks and legislation for all related companies for this project.
Commenting on the agreement, Choi Yong-Kwan, chairman of the Commons Foundation:
“Only 10 to 20 percent of the electricity is produced in the Itaipu hydropower plant and consumed in Paraguay. More than 80 percent of the electricity is exported abroad. We will build the world’s largest mining center in Paraguay with inexpensive and abundant clean energy. ”
One of the foundation’s plans is a virtual currency exchange. The intent is to use MicroBicoin (MBC), an open source project to which the foundation contributes with the profits made through the exchange and crypto mining activities.
With the support of the government of Paraguay, the foundation will carry out a pre-sale and an IEO (Initial Exchange Offering). According to Hugo Velazquez Moreno, vice president of the country, the government of Paraguay wants to grant tax breaks through constitutional revisions.
Choi Yong-Kwan states that through this project known as the “Golden Goose” they will create a new world-class ecosystem.
Cryptocurrency miners are usually located in places with low electricity costs and cold temperatures. Paraguay does not have the cold winters in other countries, but it does supply cheap and clean electricity through the Itaipu hydropower plant.
Laurence Blair, a journalist for the BBC, The Guardian and The Economist, wrote a tweet showing mining operations already operating in Ciudad del Este.
Bitcoin/Ethereum mines in Ciudad del Este, Paraguay. ⚡️is 5x cheaper than in 🇧🇷 – due to surplus renewable energy from Itaipú. At least 15,000 processors are running around the clock. pic.twitter.com/2jhGcLkh45
— Laurence Blair (@laurieablair) July 19, 2018
Paraguay wants to find a place in the South American market for bitcoin, cryptocurrencies and blockchain technology.