Cryptocurrency

Mega Project: World’s Largest Mining Farm To Be Built At Itaipu Power Plant

paraguay crypto mining

Paraguay is becoming a crypto-promoter. In cooperation with the South Korean “Commons Foundation”, the world’s largest mining farm is to be built on a total area of 50,000 square meters. Investors can secure a share in the profits by participating in an Initial Exchange Offering (IEO).

According to a press release, the Commons Foundation already secured the rights to build a mining farm in Paraguay on November 6. The Paraguayan government is providing a total of five locations of 10,000 square meters each for the realization of this major project.

The Commons Foundation plans to build the farm near the Itaipu hydropower plant, which is located on the border with Brazil. With an annual production of 103.1 terawatt hours (TWh), the power plant is considered to be one of the most powerful power plants of all; the farm is therefore largely immune to energy bottlenecks.

“Paraguay consumes only 10-20% of the electricity produced in the Itaipu hydropower plant itself. More than 80% is exported. We will build the largest mining farm in Paraguay and use the clean energy [from the power plant] for it”,

announces Choi Yong-Kwan, President of the Commons Foundation.

According to the press release, the financing will take the form of an IEO. Investors can participate in the financing of “Golden Goose”, as the project is called, by purchasing security tokens in advance.

Approximately 30% of the profits generated from mining will then be distributed proportionately to the buyers. According to the report, the Commons Foundation is relying on the rather unknown cryptocurrency MicroBitcoin (MBC).

Crypto Exchange Planned

In addition to the mining farm, the Foundation also plans to set up a crypto exchange. In the press release, one superlative is chasing the next, because one day the Exchange will also be “the largest in the world”. It remains to be seen whether the planners will be able to keep their mouths shut at this point and whether the project will actually pass Binance by.

Choi Yong-Kwan, however, is confident:

“With the Golden Goose Project, we will create a new world-class ecosystem under which the world’s largest crypto-currency mining farm and the world’s largest crypto-market will operate,” he says.

Whether the Foundation is ultimately right is irrelevant. However, it is clear that the project is an important step for the further development of the crypto ecosystem in South America.

About the author

Beryl Jones

Beryl Jones

Beryl is a journalism graduate with keen interest in technology. Beryl has been attracted to Bitcoin and other digital currencies from 2009 while she was still pursuing her graduation. She loves writing articles and covering news on cryptography, digital currencies and related subjects.

Add Comment

Click here to post a comment