The Bitfury Group has joined the project to construct “Gplden Goose” – the projected world’s largest cryptocurrency mining farm in Paraguay. The company plans to deploy bitcoin transaction processing centers in the country. The end of the year is also to see Commons Foundation – another participant to the project – launching a cryptocurrency exchange in Paraguay.
Paraguay is an attractive country for cryptocurrency mining due to its massive electric power output maintained by Itaipú – the largest operating hydroelectric power station in the world.
Back in November 2018, the Seoul-based Commons Foundation partnered with the government of Paraguay. The foundation managed to negotiate advantageous fixed electricity tariff for the next five years. The negotiated electricity price rate is 80% lower than in South Korea.
Moreover, the Paraguayan Government promised to provide five land plots with a total area of 50 000 square meters for the construction of “Golden Goose”, which is to become the world’s largest mining farm. The plan also embraces the launch of associated cryptocurrency exchange.
International blockchain company Bitfury Group has now joined the project as well. The company will build a series of bitcoin transaction processing sites in Paraguay, all of them based on Bitfury’s BlockBox AC mobile datacenters. The sites will be powered by two hydroelectric power plants, namely, Itaipú and Yacyretá.