News Bitfury Partners to Launch Bitcoin Mining Centers in Paraguay

Bitfury Partners to Launch Bitcoin Mining Centers in Paraguay

-

- Advertisment -

Bitfury Group and South Korean R&D firm Commons Foundation are jointly launching a network of bitcoin mining operations in Paraguay.

Announcing the partnership on Thursday, Bitfury said a series of mining centers will be set up in the South American country using its BlockBox AC bitcoin mining devices. Further,  the mines will be powered by two major hydroelectric power plants, Itaipu and Yacyreta.

The collaboration is a part of Commons Foundation’s Golden Goose project, backed by the government of Paraguay, which aims to establish the area as world’s largest crypto mining center given the country’s ample supply of cheap and clean electricity.

Paraguay currently only utilizes roughly half of the electricity produced by the two plants, according to Bitfury.

Sandra Otazú Vera, a senior staff attorney in Paraguay and advisor to Commons Foundation, said that Paraguay is exploring “creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens.”

Commons Foundation is also planning to launch a cryptocurrency exchange in Paraguay later this year. The platform will integrate Bitfury’s compliance analytics platform Crystal, according to the announcement.

Bitfury, which specializes in manufacturing crypto mining infrastructure and also mines itself, is reportedly considering an initial public offering (IPO) in Amsterdam, London or Hong Kong, possibly to be held early this year.

In November 2018, the firm raised $80 million in funding led by venture capital firm Korelya Capital, with Mike Novogratz’s Galaxy Digital, Macquarie Capital and Dentsu Inc. also participating.

Itaipu dam image via Shutterstock 

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...
- Advertisement -Bitfury Partners to Launch Bitcoin Mining Centers in Paraguay

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...
- Advertisement -Bitfury Partners to Launch Bitcoin Mining Centers in ParaguayBitfury Partners to Launch Bitcoin Mining Centers in Paraguay

You might also likeRELATED
Recommended to you