Paraguayan Government, Commons Foundation Collaborate to Build Largest Bitcoin Mining Farm

In a significant move to accelerate the bourgeoning crypto mining industry, the government of Paraguay and Commons Foundation (also known as the Blockchain Technology Foundation), have signed a partnership deal to build the world’s largest bitcoin mining farm and crypto exchange.

Christened as the ‘Golden Goose,’ the project seeks to amalgamate Commons Foundation’s expertise in blockchain technology with Paraguay’s low-cost and abundant clean energy and thereby, establish the world’s largest cryptocurrency mining center and global cryptocurrency exchange.

According to the deal, the Paraguay government would be giving five plots of land (approximately 50,000 square meters) for building five mining centers near the Itaipu Hydroelectric Power Plant, the world’s largest clean energy plant which produces an annual output of 103.1 TW. Interestingly, 20 percent of the nation’s power is consumed by the country, with the remaining being exported.

Additionally, the deal includes a 15-year stable price on electricity, the installation of high-speed internet networks, and the establishment of laws for all related businesses for this project.

Contract Signing Ceremony

Commons Foundation also expressed its intent to use MicroBitcoin (MBC), a little-known cryptocurrency which is tradeable against the USD on various exchanges. It announced that participants of the ‘Golden Goose’ project would earn 30 percent of profits generated by the cryptocurrency mining center and 70 percent of profits made by the global cryptocurrency exchange. The token holders will be paid in terms of MBC on a daily basis.

The foundation also revealed its plans to fund the development of the project through a pre-sales and an initial exchange offering in accordance with the country’s legal processes. All funding procedure would be available through MicroBitcoin (MBC), BTC (Bitcoin), and Ethereum (ETH).

As per a press release provided to CCN, Hugo Velazquez Moreno, Vice President of Paraguay said, “ 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.”

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

Through his words, Monero did give a hint that the constitutional laws might be amended to provide tax breaks owing to the huge popularity of the promising industry. If this does happen, it will be a significant boost to the rapidly evolving global crypto space.

Choi Yong-Kwan, Chairman of the Commons Foundation, seemed quite satisfied that the ‘Golden Goose’ has been able to garner such unflinching support from the Paraguayan government. He believes that such support would go a long way in making the project a success.

Ankita Baruah

Ankita has recently joined the CryptoNewsZ team. She has a master's degree in English Language and Literature and 10+ years of experience in dealing with different types of content for print as well as digital media. Writing is her passion. Precision and originality is what she believes in and makes sure she abides by them in her write ups. When Ankita is off work, you will find her engrossed in books or enhancing her culinary skills!! You can also mail her at [email protected] to discuss anything related to her reports.

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