The Paraguayan government has made plans to build the largest cryptocurrency farm in the world. This was signed as a contract between the Blockchain Technology Foundation, Commons Foundation. The later has been assigned with the role of managing a project which involves the development of mining centers.
The Development of Five Mining Centers
The project has been tagged “Golden Goose,” and five mining centers will be built. Based on the terms of the contract, a plot of land measuring up to 50 square kilometers will be set aside for their development. The land is located in Ciudad del Este, a city in the country that is reputably known for its tourism and commercial development.
Ciudad del Este also sits beside a Hydroelectric Power Plant in Itaipu, Paraguay. This is a location whose electricity will have a stable price for the next 15 years. The leadership will also install a high-speed Internet network in the area. Consequently, a seamless mode of operation is expected when the project kicks off.
Mining Centers to Lead to Advancements in Technology
According to the government, the mining centers will bring about advancements in the technology of the country. Also, Hugo Velázquez Moreno, vice president of Paraguay revealed that Commons Foundation has the backing of the government. There are also possibilities for the tax constitution governing the crypto industry to be revised.
In his own words;
The Paraguay government will actively support the Commons Foundation’s ‘Golden Goose project’ and provide tax breaks through constitutional revisions
While commenting on the agreement, Choi Yong-Kwan, Chairman of the Commons Foundation, noted that about 10 percent of the power produced at Itaipu hydroelectric plant was used by the country. Whereas 80% was exported and as such, they will have abundant energy to power the mining center.
Mining Project Will be Publicly Funded
To raise funds for the project, the Blockchain Technology Foundation will conduct a pre-sale and Initial Exchange Offering (IEO). The accepted cryptocurrencies from investors will be Bitcoin, MicroBitcoin, and Ethereum. Also, holders of this token will get 30% of the profits generated by the mining center.
This is just one of the positive news regarding Bitcoin that might help to push up the coin’s price. Another event that is worthy of note is the fact that taxes can now be paid using Bitcoins in Ohio. This will allow business to pay their tax on a portal and the cryptocurrency will be converted to the dollar to aid in the transaction.