Paraguay and The Blockchain Foundation have signed a partnership to use the Itaipu dam, the world's most powerful hydroelectric plant, to lead the rapidly growing cryptocurrency mining industry.
The Blockchain Technology Foundation and the government of Paraguay have completed talks to create the largest Bitcoin mining company and the exchange of cryptocurrencies. According to the announcement, the project called "Golden Goose Project" will be realized in one of the main cities of the country called Ciudad Del Este. Located on the border between Argentina and Brazil, the city is famous for commercial development and tourism.
Hydroelectric dams produce electricity for the country
The Itaipu hydroelectric plant, the largest in the country, has an annual production of 103TW. The country consumes only 20% of the energy produced. The rest is exported to Brazil. The incredibly low energy prices in Paraguay have already led to a number of startups and miners scrambled to plunder the city.
According to the contract, the Paraguayan Government would provide about 50 square meters. Miles of land near the aforementioned Itaipu hydroelectric plant, with affordable electricity tariffs up to 15 years.
Commenting on the recent partnership, Blockchain Foundation president Choi Yong-Kwan said he would build the world's largest mining company in the South American country using cheap and abundant clean energy.
It is worth noting that The Blockchain Foundation will realize an Initial Coin Offering (ICO) in accordance with the laws of Paraguay to finance the project. And the project will be financed through various mechanisms including Bitcoin (BTC), MicroBitcoin (MBC) and Ethereum (ETH).
Fully supported by the government
Paraguay vice president Hugo Moreno also expressed his optimism about the project. He said that the government fully supports the project. He added that the Golden Goose project would be exempt from taxation through constitutional revisions.