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Paraguay approves the plan to build the largest Bitcoin mining farm in the world

The government of Paraguay and the Blockchain Technology Foundation "Commons Foundation" have recently signed an agreement that will serve as a basis for building the world's largest mining company in a concerted effort to position the country as a benchmark in terms of technological innovation.

According to a press release of the "Commons Foundation", the project known as "Golden Goose Project" will be implemented in Ciudad del Este, one of the main cities of the country, known above all for the tourism industry and commercial development.

Itaipu hydroelectric power station in Paraguay (source: website of the Foreign Ministry of Paraguay) (PRNewsfoto / Commons Foundation)

The contract stipulates that the Paraguayan government will provide a concession for the use of a plot of approximately 50 square kilometers located near the "Itaipu" hydroelectric plant, the world's largest clean energy plant, with a stable price of electricity for a period of 15 years and all telecommunications facilities.

Choi Yong-Kwan, president of the Commons Foundation, was rather optimistic about the agreement, noting that not only the economic factor is essential, but that they were looking for an ecological alternative:

"Only 10-20 percent of electricity is produced in the Itaipu hydroelectric plant and consumed in Paraguay, over 80 percent of its electricity is exported to the outside world. mining center of the world in Paraguay using cheap and abundant clean energy.

It is important to note that the Blockchain Technology Foundation "Commons Foundation" plans to conduct a series of pre-sales and an initial exchange offer under Paraguayan laws to fund the project. The funding mechanisms will be implemented through MicroBitcoin (MBC), BTC (Bitcoin) and Ethereum (ETH).

President Choi Yong-Kwan of the Commons Foundation (left) and Vice-President Hugo Velazquez Moreno of Paraguay (center) took a picture with President Majed Mohanna of SISAY SOCIEDAD ANONIMA (right) (PRNewsfoto / Commons Foundation)

For his part, Hugo Velázquez Moreno, vice president of Paraguay, commented that the nation is rather interested in the project, ensuring that not only the Foundation has contractual support from the government, but hopes in the future to adapt the constitution to this new industry .

"The Government of Paraguay will actively support the" Golden Goose project "of the Community Foundation and will provide tax breaks through constitutional reviews,"

With this type of support, Choi Yong-Kwan assured that there is a high probability of success in the project:

"We will create a new world-class ecosystem through the Golden Goose project, which is the world's largest cryptocurrency mining center and the world's largest cryptocurrency exchange."

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