Bitfury Partners With R&D Firm to Launch Crypto Mining Center in Paraguay

Bitfury Partners With R&D Firm to Launch Crypto Mining Center in Paraguay 1

Blockchain firm Bitfury will develop a bitcoin mining center in Paraguay. The new mining operation is in partnership with Seoul-based research and development firm Commons Foundation.

The collaboration is backed by the government of Paraguay, whose goal is to make the South American country a cryptocurrency mining hub.

The new center, which is a part of Commons Foundation’s “Golden Goose” project, will help to facilitate the innovation of blockchain technology and cryptocurrencies across Spanish-speaking countries. Bitfury will provide product and technical support for the project.

The facilities used for the implementation of the mining center will sit on about 200,000 square meters of real estate, and it will be powered by two hydroelectric power plants — Itaipu, one of the largest power plants in South America, and the Yacyreta power plant. Paraguay is known for its supply of cheap and available electricity. At one point, the country generated so much hydropower its factories could barely absorb them, forcing the state to sell the surplus units to neighboring countries at below-market rates.

The Golden Goose project is backed by both the government and tax authorities of Paraguay. The mining operations being developed will also benefit from tax relief, an incentive added to encouraging bitcoin mining operations in the country.

The site will also be powered by BlackBox AC, a mobile data center owned by Bitfury. The data center provides an amalgamation of efficient design and low cost, which is expected to provide for more effective and affordable bitcoin mining.

John Mercurio, chief communications officer at Bitfury, told Bitcoin Magazine that Bitfury’s mobile data centers have the capacity needed to operate a bitcoin mining center at scale.

“Bitfury’s BlockBox AC mobile data centers have the capabilities of a full-size bitcoin mining datacenter, making this the ideal solution for mining bitcoin on a large scale with ease. The efficient design and low operating cost of the BlockBox AC datacenter make bitcoin mining more productive and affordable, and allow for the easy expansion of bitcoin datacenter sites.”

The project was also lauded by Sandra Vera, a Paraguay-based attorney who acts as legal counsel to the Commons Foundation. According to Vera, the exploration of emerging digital technologies is a priority of the government of Paraguay, and an alliance with innovative and technologically progressive companies is sure to provide a wide array of economic benefits for the country as well.

The total number of mining centers to be opened under this project will be determined by Commons, as the firm is expected to provide further details as time goes on.

“We are looking forward to our project in Paraguay with the Commons Foundation, and we believe that this site, powered by Bitfury’s innovative hardware, will help decentralize and further secure the Bitcoin Blockchain for its users,” Mercurio added.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022


CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
Solana42.12 0.56 % 2.22 % 3.81 %
? --- 0.00 % 0.00 %

bitcoin
Bitcoin (BTC) $ 21,366.00
ethereum
Ethereum (ETH) $ 1,698.44
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 285.52
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.343825
cardano
Cardano (ADA) $ 0.464291
solana
Solana (SOL) $ 37.07
dogecoin
Dogecoin (DOGE) $ 0.069668