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Paraguay Backs Plan to Build World’s Largest Bitcoin Mining Farm

Last Updated March 4, 2021 3:12 PM
P. H. Madore
Last Updated March 4, 2021 3:12 PM

The Blockchain Technology Foundation, which is also referred to as the Commons Foundation , has been based in South Korea since its inception, but recently completed talks with the government of Paraguay regarding the establishment of something rather massive: the world’s largest bitcoin mining farm and crypto exchange.

Many readers may be surprised to know that Paraguay is a hub of renewable energy, having all of its electricity produced by hydroelectric dams. Its Itaipu Hydroelectric Power Plant is the “most significant” in the world with an annual output of 103 TW. Only 20 percent of the nation’s power is consumed by the country, and the rest is exported.

Importantly, the power grid is nationalized, and the Commons Foundation has secured a deal with the government for at least five years of competitively priced power — around 80 percent cheaper than any deal the foundation could secure in South Korea.

Additionally, the government is providing five plots of land, a total of 50,000 square meters, for the launch of the “Golden Goose” project, which purportedly comprises the largest bitcoin exchange and cryptocurrency mining outfit the world has ever seen.

Cryptocurrency Respected by Constitutional Revision?

The Commons Foundation intends to fund the development of the project on the ICO model, calling it an “initial exchange offering.” Token holders are promised 30 percent of mining profits and 70 percent of exchange profits daily, which will be paid in MicroBitcoin, a little-known cryptocurrency  that is tradeable against the US dollar on several exchanges.

“The Paraguay government will actively support the Commons Foundation’s ‘Golden Goose project’ and provide tax breaks through constitutional revisions,” said Hugo Velazquez Moreno, vice president of Paraguay, according to a press release provided to CCN.com.

The last bit of Moreno’s quote is quite significant. If it turns out to be true and the Paraguay parliament actually passes revisions to the country’s constitution to provide tax breaks — or even simply to acknowledge the existence and legal status of cryptocurrency — that would be a major breakthrough for cryptocurrency on a global level.

No timeline for development of the token offering or the project had been established at the time of writing, but CCN.com will follow the story and post updates as they become available.

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