World’s largest crypto mining farm to be built in Paraguay

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The landscape in Paraguay is about to get a significant facelift. According to a press release by the Commons Foundation (CF), a blockchain technology organization, Paraguay and CF have signed an agreement to build a cryptocurrency mining farm in the country. It’s not going to be just another farm, however—it is billed as the largest cryptocurrency mining farm in the world.

The facility, which will also include a “global cryptocurrency exchange,” will be built in Ciudad de Este and is being supported by the government, which provided the land. The press release indicates, “The contract is designed to provide the five mining centers (approximately 50,000 square meters) near ‘Itaipu’ Hydroelectric Power Plant, the world’s largest clean energy plant, and included 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.”

CF Chairman Choi Yong-Kwan added, “Only 10 to 20 percent of electricity is produced at Itaipu hydroelectric plant and consumed in Paraguay. More than 80 percent of its electricity is exported overseas. We will build the world’s largest mining centre in Paraguay using low-cost and abundant clean energy.”

The Itaipu Hydroelectric Power Plant is reportedly one of the largest hydroelectric power plants in the world. It is said to be able to produce around 103.1 terawatts of electricity each year.

South Korea-based CF will introduce a new cryptocurrency, the MicroBitcoin (MBC), in conjunction with the project. 30% of the profits generated by the mining facility and 70% of the profits earned by the exchange will be paid through the digital currency to backers of the project. The firm has indicated that it plans on holding an initial coin offering (ICO) to raise funds.

Apparently, CF has been able to convince lawmakers of the potential of the program. It has guaranteed stale electricity prices for 15 years and the country’s vice president, Hugo Velázquez Moreno, stated, “The Paraguay government will actively support the Commons Foundation’s ‘Golden Goose project’ and provide tax breaks through constitutional revisions.” I doubt many crypto companies could state that Constitutions were rewritten because of them.

No mention was included in the press release as to when the ICO or the project might be ready to move forward.