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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 to build the largest cryptic mining company in the world. The information was released from the "Commons Foundation" a few days ago.
Crypto miner hub of Paraguay
Paraguay wants become a crypto-mining hub, not only in America but also around the world. In a press release, the Commons Foundation announced at the beginning of the month a contract to establish "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" hydroelectric plant. Furthermore, the partnership includes stable electricity prices for 15 years. It also provides for the installation of high-speed Internet networks and the establishment of laws for all related activities for this project.
Choi Yong-Kwan, president of the Commons Foundation, said about the agreement:
"Only 10-20% of the electricity is produced in the Itaipu hydroelectric plant and consumed in Paraguay, over 80% of its electricity is exported to the outside world. mining center of the world in Paraguay using cheap and abundant clean energy ".
The foundation's plans include a virtual currency exchange. The intention is to use MicroBicoin (MBC), an open-source project to which the Foundation contributes with the profits generated by the exchange and mining encryption activities.
With the support of the Government of Paraguay, the Foundation will carry out a pre-sale and an IEO (InitialExchange Offering). The government of Paraguay will grant tax relief through constitutional reviews, according to Hugo Velazquez Moreno, vice president of the country.
Choi Yong-Kwan explains that they will create a new world-class ecosystem through this project known as "Golden Goose".
Cryptocurrency miners tend to be in places with low electricity costs and low temperatures. Although Paraguay does not have cold winters like other countries, it provides cheap and clean electricity through the Itaipu hydroelectric plant.
Laurence Blair, a BBC journalist, The Guardian and The Economist, wrote a tweet showing the mines already operating in Ciudad del Este.
Bitcoin / Ethereum mines in Ciudad del Este, Paraguay. It is 5 times cheaper than in 🇧🇷, due to Itaipú's renewable energy surplus. At least 15,000 processors are running all day. pic.twitter.com/2jhGcLkh45
– Laurence Blair (@ LABlair1492) 19 July 2018
Paraguay wants to find a place in the South American market for Bitcoin, cryptocurrency and blockchain technology.
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