Two big players in the cryptocurrency industry have partnered with the goal of opening Bitcoin mining operations in Paraguay. The Bitfury Group and Korea based Commons Foundation recently partnered to launch five cryptocurrency mining locations around Paraguay. The Bitfury Group is a major miner in the world of Bitcoin. The Bitfury Group also creates hardware that secures cryptocurrencies and blockchains. Bitfury provides software for innovative blockchain applications. Overall, The Bitfury Group is a giant in the world of mining, hardware and software relating to Bitcoin. The Commons Foundation is dedicated to implementing a peer-to-peer culture, economy, governance and social model based on sustainable and equitable commons. These two giants of the cryptocurrency mining industry have teamed up to maximise the potential of Paraguay’s mining capabilities. The power for the mines will be generated from Itaipu and Yacyreta, two large hydroelectric power facilities in Paraguay.
Paraguay is home to Itaipu Hydroelectric Power Plant, which is the largest operational producer of hydroelectricity globally. This location is perfect for mining, as only 10% – 20% of the electricity produced at this facility is used in Paraguay. The remaining electricity generated is exported overseas at a higher cost. Between the two power plants, Paraguay only utilizes 50 percent of the total renewable energy produced. The introduction of Bitcoin mining activities in Paraguay have been welcomed by the country. This project brings innovation into the country and it welcomes receiving foreign investment for new technologies.
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, and this partnership with strategic allies like Commons Foundation and Bitfury will provide the infrastructure that enables them to advance those efforts,”
The Golden Goose Project: Fuelled by Bitcoin Mining
The partnership for Bitcoin mining in Paraguay is part of the Golden Goose Project. This project’s mission is establishing the world’s largest crypto mining centre and global cryptocurrency exchange. Paraguay is the ideal for location for the Golden Goose Project due to a number of factors. Primarily, Paraguay is a location with a large amount of cheap, clean energy. The massive amounts of power generated by the hydroelectric energy is perfect for Bitcoin mining. As the energy requirements for preserving the world’s largest blockchain increase, so too does the need for power. Paraguay’s unlimited amount of renewable energy provides the perfect source needed for mining at a huge scale. Bitcoin’s energy requirements total 0.05% of the entire world’s electricity consumption. The second reason Paraguay is ideal is the landmass available for mining centres. Five mining centres with a landmass of 10,000 meters squared each will be established, totalling an area of 50,000 meters squared. The final reason is the cooperative nature of local officials towards Bitcoin mining.
These mining centres will create new and innovative ways to leverage blockchain technology. Paraguay is poised to be a world leader in Bitcoin mining. The news that Paraguay is welcoming these operations is a good thing for the overall crypto space. As mining difficulties fluctuate and profits decrease, the number of miners contributing to preserving the blockchain drop. Paraguay cryptocurrency mining operations further decentralize Bitcoin. According to the Golden Goose Project, the profitability of mining Bitcoin is higher than other countries. Paraguay is ranked 14th among 114 countries. The net profit for mining a coin at a market valuation of $8,567 is apparently $5,427. This puts Paraguay ahead of countries such as China, USA and South Korea for cryptocurrency mining. This solidifies the attraction of Paraguay for the Golden Goose Project.
The Golden Goose Exchange: Powered by Bitcoin Mining
In conjunction with a cryptocurrency mining operation, a global exchange will also be launched. This cryptocurrency exchange will be in collaboration with the top 10 exchanges in the world. It is scheduled for launch in the second half of 2019. This global cryptocurrency exchange is hoped to progress innovation in Paraguay. The Golden Goose project will also be releasing its own native token. This token is touted to deliver returns for holders. With this exchange, the goal is to also establish a blockchain ecosystem in Latin America.
These five mining facilities are poised to make Paraguay a leader in the Bitcoin mining industry. It’s clear that despite the bear market, there is still interest. This interest has led to a huge investment in securing the Bitcoin blockchain into the future. By utilizing Paraguay’s natural resources, the country can maximise its unused energy resources. The Golden Goose project is an interesting development in the world of cryptocurrency mining. The trend of cheap, clean energy used for mining will certainly increase.
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