Paraguay to host JV mining operations of Bitfury and Commons Foundation

Posted 04 February, 2019

Crypto mining solution provider Bitfury Group announced cooperation with Commons Foundation, a South Korean research and development firm to launch bitcoin mining operations in Paraguay.

According to the partnership agreement, Bitfury is aiming at establishing some mining centres in the country. Besides, it is going to use its BlockBox AC devices for it. The power will be sourced from the local grid via the hydroelectric power plants Itaipu and Yacyreta.

"We are committed to increasing the security of the Bitcoin Blockchain, both through innovation in our hardware portfolio and expansion of its network throughout the world. Bitfury has consistently prioritized the global decentralization of the Bitcoin Blockchain and we look forward to helping our partners introduce this industry to Paraguay," Bitfury CEO Valery Vavilov said in the official press release

Commons Foundation entered this partnership as a part of its Golden Goose project, with the project itself being supported by the Paraguay government. The authorities are striving to make the country one of the leading global mining centres making use of cheap green electricity.

The current capacity utilization of the two plants hardly reaches 50%. Bitfury reports. Paraguay is reportedly searching for innovative solutions how to use the crypto and blockchain technologies in favour of the country’s economy and people.

Commons Foundation also intends to commission a crypto exchange in Paraguay later in 2019, integrating its Crystal analytics platform within it.

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05 February, 2019 11:19

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