Paraguay Endorses Plan to Build the World’s Largest Bitcoin Mining Farm 10
PRNewsfoto/Commons Foundation

Paraguay Endorses Plan to Build the World’s Largest Bitcoin Mining Farm

The government of Paraguay and the Blockchain Technology Foundation “Commons Foundation” recently signed an agreement that will serve as a basis for the construction of the world’s largest mining farm in a concerted effort to position the country as a reference in terms of technological innovation.

According to a press release from the “Commons Foundation” the project known as the “Golden Goose Project” will be implemented in Ciudad del Este, one of the country’s main cities, known especially for its tourism industry and commercial development.

Paraguay Endorses Plan to Build the World’s Largest Bitcoin Mining Farm 11
Itaipu Hydro Power Plant in Paraguay (Source: Paraguay Foreign Ministry website) (PRNewsfoto/Commons Foundation)

The contract establishes that the Paraguayan government will provide a concession for the use of a plot of land of approximately 50 square kilometers located near ‘Itaipu’ Hydroelectric Power Plant, the world’s largest clean energy plant, with a stable price of electricity for a period of 15 years and all facilities in the field of telecommunications.

Choi Yong-Kwan, Chairman of the Commons Foundation, was quite optimistic about the agreement, stressing that not only is the economic factor essential but that they were looking for an eco-friendly alternative:

“Only 10 to 20 percent of electricity is produced at Itaipu hydroelectric plant and consumed in Paraguay. More than 80 percent of its electricity is exported overseas. We will build the world’s largest mining center in Paraguay using low-cost 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 Offering under Paraguayan laws to fund the project. Funding mechanisms will be through MicroBitcoin(MBC), BTC(Bitcoin), and Ethereum(ETH).

Paraguay Endorses Plan to Build the World’s Largest Bitcoin Mining Farm 12
Chairman Choi Yong-Kwan of the Commons Foundation (left), and Vice President Hugo Velazquez Moreno of Paraguay (center) took a picture with Chairman 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 quite interested in the project, assuring that not only the Foundation has contractual support from the government, but they hope in the future to adapt the constitution to this new industry.

“The Paraguay government will actively support the Commons Foundation’s ‘Golden Goose project’ and provide tax breaks through constitutional revisions,”

With this kind of support, Mr. Choi Yong-Kwan assured that there is a high probability of succeeding in the project:

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