As part of a joint venture collaboration, a comprehensive system of bitcoin mining projects have been released in Paraguay by Bitfury Group and South Korean R&D firm Commons Foundation.
Bitfury has officially revealed that a progression of mining centers are all set to begin operations in Paraguay. They will be using BlockBox bitcoin mining gadgets. Also,
two massive hydroelectric power plants, known as Itapu and Yacreta will power them.
The legislature of Paraguay has forecasted this startup of the region as the largest crypto mining focus in the world. The project is backed by Paraguay’s government as part of its ‘Commons Foundation’s Golden Goose project’.This is partly due to the fact that the nation possesses an abundant supply of clean, inexpensive hydroelectric power.
As per Bitfury, Paraguay uses only 50% of the power delivered by the two plants as of now.
Senior staff lawyer, Sandra Otazu Vera, revealed that Paraguay is in the process of discovering “creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens.” She is also an advisor to the Common’s Foundation.
A cryptocurrency exchange will also launch this year. Also, they will make use of Bitfury’s compliance analytics system Crystal.
Bitfury is in the works to launch an initial public offering in Amsterdam. Also, in London or Hong Kong as it has immense practical experience in this particular domain.
Funding firm Korelya was responsible for raising the capital. Also, included the participation of Mike Novogratz’s Galaxy digital, Macquarie Capital and Dentsu Inc. This led to overall collections of $80 million.