Bitfury Is Helping Build The World’s Largest Crypto Mining Center In Paraguay

crypto mining

Blockchain technology company Bitfury is launching a network of bitcoin mining operations in Paraguay. The company announced last week that it was developing a series of mining centers in partnership with South Korean R&D firm Commons Foundation.

The blockchain datacenters are part of Golden Goose, a government-supported project undertaken by the Commons Foundation. The government of Paraguay, says it plans to leverage the country’s abundant supply of clean energy to establish the area as the world’s largest crypto mining center.

Paraguay currently uses only half of the clean electricity produced by two power plants Itaipú and Yacyretá. The mining site will be powered by clean electricity in abundant supply from the two hydroelectric power plants.

In its statement, Bitfury said the project will be built using its portable bitcoin mining powerhouse, BlockBox AC mobile datacenters.

The CEO of Bitfury Valery Vavilov explained that the project in the South American country was in line with Bitfury’s priority which is global decentralization of the Bitcoin Blockchain. Eun Lee, Head of Bitfury Korea assured that the new venture will be successful given the combined expertise and shared vision of the partnering firms.

According to Sandra Otazú Vera, a senior staff attorney in Paraguay and advisor to Commons Foundation, “Paraguay is exploring creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens.” She noted that the strategic partnership between Commons Foundation and Bitfury will provide the needed infrastructure.

Also, Commons Foundation says it also plans to launch a cryptocurrency exchange later this year “to bring further innovation to Paraguay and help build a blockchain ecosystem in Latin America.” According to Bitfury’s statement, the planned crypto exchange will integrate Bitfury’s compliance analytics platform Crystal for KYC/AML procedures for its clients.

Bitfury—like its major competitor, Bitmain—not only manufacture mining devices but also partake in mining operations. As Smartereum reported last year, the firm is considering making a historic Initial Public Offering as well as other funding options. Although it did not make any public announcement, there are indications the firm is considering London, Amsterdam, or Hong Kong for the IPO which will likely hold this year.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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