The South American country of Paraguay will be partnering with blockchain-based Commons Foundation to develop Golden Goose – an ambitious project involving crypto mining and a global crypto exchange.
If you think of crypto and South America, you may have visions of Venezuela and its Petro. However, according to Cision, Paraguay also has some strong ambitions when it comes to growth in the disruptive technology industry. In order to do this, the country will be partnering with the blockchain-based platform, Commons Foundation.
Paraguay Enters the Crypto Mining Ring
Paraguay is home to the largest clean energy plant in the world, the Itaipu Hydroelectric Power Plant. It is from here that the country exports most of the energy all around the globe. Choi Yong-Kwan, who is the Chairman of the Commons Foundation, explained:
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.
Renewable energy is a major drawcard for cryptocurrency mining as the process is quite power intensive. Using electricity from fossil fuels is, of course, harmful to the environment and will also leave mining operators with high consumption bills at the end of the day. Live Bitcoin News recently reported on a county in the U.S. state of Washington who is proposing that miners pay higher rates.
The collaboration between the Paraguayan government and the Commons Foundation aims to develop the “world’s largest cryptocurrency mining centre”. In addition, the partnership hopes to establish a global crypto exchange in the city of Ciudad del Este. The initiative will collectively be known as the Golden Goose project. Choi Yong-Kwan added:
We will create a new world-class ecosystem through ‘Golden Goose project’, which is the world’s largest cryptocurrency mining center and the world’s largest cryptocurrency exchange
An Ambitious Road Ahead
However, the Commons Foundation has more even more in mind for the country.
The platform aims to raise capital for the project through an Initial Exchange Offering (IEO). In a bid to increase crypto usage, 30% of profits garnered from the mining center will be paid in MicroBitcoin (MBC) to project participants while 70% of the exchange’s profits will be paid in MBC.
It appears as if the ambitious project has the full support of the Paraguayan authorities with the country’s vice president, Hugo Velázquez Moreno, saying:
The Paraguay government will actively support the Commons Foundation’s ‘Golden Goose project’ and provide tax breaks through constitutional revisions.
According to International Business Times, the mining center will take up about 530,000 square feet near Itaipu. In addition, high-speed internet connections will be installed and the Commons Foundation will enjoy competitively priced power rates.
Live Bitcoin News has previously reported on how Paraguay’s Itaipu Hydroelectric Power Plant could be the vessel needed to provide a better quality of life for citizens in the country. Crypto mining was a potential problem solver and now, it seems as if the Paraguayan government is completely on board with this solution.
Do you think that the project Golden Goose will make a real difference in the lives of the people of Paraguay? Let us know in the comments below!
Images courtesy of Shutterstock.
