Paraguay to build the largest Bitcoin mining farm in the world

Paraguay wants to be a world leader when it comes to cryptocurrency mining…

by Manoj Sharma for CNR

The Blockchain Technology Foundation – popularly known as Commons Foundation – along with the government of Paraguay, recently agreed to construct the largest cryptocurrency mining farm in the world to position the country as a reference point in regards to technological innovation.

According to the press release published by Commons Foundation, the project – Golden Goose – will be implemented in Paraguay’s main city, Ciudad Del Este, known popularly for commercial development and tourism.

The agreement states that the country’s government will offer a concession on the 50 square kilometres of land located near Itaipu Hydroelectric Power Plant, which will be used for constructing the farm.

The Chairman of Commons Foundation, Choi Yong-Kwan, commented optimistically on the government’s move, saying that “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 centre in Paraguay using low-cost and abundant clean energy”.

Reportedly, the Commons Foundation intends to fund development of the project by going through the ICO model. It will conduct a series of pre-sales and an ICO under Paraguayan laws. Hugo Velazquez Moreno, the Vice President of Paraguay, assured those reading that the contract has a complete support of the government. “The Paraguay government will actively support the Commons Foundation’s ‘Golden Goose project’ and provide tax breaks through constitutional revisions”, he announced. Expect that ICO to launch soon…

Image: BigStock