The Bitfury Foundation and South Korean R&D group, Commons Foundation, are collaborating to launch Bitcoin mining centers in Paraguay.
According to Bitfury, several mining centers will be set up in the country using its BlockBox AC bitcoin mining devices, and will be powered by two major hydroelectric power plants called Itaipu and Yacyreta
The project is part of a larger initiative from Commons, dubbed “Golden Goose,” that aims to “expand cryptocurrency and blockchain innovation in Spanish-speaking countries,” the press release reports. And also which aims to establish the area as world’s largest crypto mining center given the country’s ample supply of cheap and clean electricity.
At the moment, the country is only utilizing about 50% of the electricity produced by both plants. The mining facilities in Paraguay will account for about 200,000 square meters, with electricity provided by a 500MW power substation. Bitfury claims that all the energy used by the mining centers will be renewable, as Paraguay is reportedly home to the world’s largest operational hydroelectric energy producer, power plant Itaipu.
Valery Vavilov, CEO of Bitfury, said:
We are committed to increasing the security of the Bitcoin Blockchain, both through innovation in our hardware portfolio and expansion of its network throughout the world. Bitfury has consistently prioritized the global decentralization of the Bitcoin Blockchain and we look forward to helping our partners introduce this industry to Paraguay.
The Commons Foundation is also planning to launch a cryptocurrency exchange, integrated with Bitfury's compliance analytics platform Crystal, in Paraguay later this year.
This joint effort aims to help the country attract new investors, as well as help build a blockchain ecosystem in Latin America.