Home / Others / The world's largest cryptocurrency mining company to be built in Paraguay

The world's largest cryptocurrency mining company to be built in Paraguay

The landscape in Paraguay is going to get a significant facelift. According to a press release from the Commons Foundation, the technology organization blockchain Commons Foundation (CF), Paraguay and CF have signed an agreement to build a cryptocurrency mine in the country. It will not be just another farm, however, it is considered the largest cryptocurrency mine in the world.

The structure, which will also include a "global exchange of cryptocurrencies", will be built in Ciudad de Este and will be supported by the government, which provided the land. The press release indicates that "The contract is designed to provide the five mining centers (about 50,000 square meters) near the" Itaipu "hydroelectric plant, the world's largest clean energy plant, and has included a stable price of 15 years on electricity, the installation of high-speed Internet networks and the establishment of laws for all related activities for this project. "

CF president Choi Yong-Kwan added: "Only 10-20 percent of electricity is produced in the Itaipu hydropower plant and consumed in Paraguay, over 80 percent of its electricity is exported to abroad We will build the largest mining center in the world in Paraguay using cheap and abundant clean energy ".

The Itaipu hydroelectric plant is considered one of the largest hydroelectric plants in the world. It is said to be able to produce about 103.1 terawatts of electricity each year.

CF, a company based in South Korea, will introduce a new cryptocurrency, the MicroBitcoin (MBC), in collaboration with the project. 30% of the profits generated by the mining structure and 70% of the profits earned from the exchange will be paid through the digital currency to the project's supporters. The company has indicated that it intends to offer a first coin offer (ICO) to raise funds.

Apparently, the CF was able to convince the legislators of the potential of the program. It has guaranteed obsolete electricity prices for 15 years and the vice president of the country, Hugo Velázquez Moreno, said: "The Government of Paraguay will actively support the" Golden Goose Project "of the Municipal Foundation and will provide tax breaks through constitutional revisions . " I doubt that many cryptographic companies could claim that the Constitutions were rewritten because of them.

No mention was included in the press release about when the ICO or the project might be ready to move forward.

Source link