The Bitfury Group announced this Thursday that it is yet again expanding its operations by partnering with Seoul-based company Commons Foundation, to open and operate bitcoin transaction processing centers in Paraguay.
The partnership is part of Commons Foundation’s Golden Goose project, which aims to establish the largest cryptocurrency mining center and global cryptocurrency exchange. The project is backed by the Paraguay government.
Under the collaboration, Commons Foundation and Bitfury will build Bitcoin transaction processing sites in Paraguay. These sites will use Bitfury’s BlockBox AC mobile data centers and will be powered by a hydroelectric power plant Itaipú, the statement said.
Introducing NextV - The Full Scope Solution To Building Your Next Virtual EventGo to article >>
Paraguay is a particularly attractive destination for cryptocurrency mining, as the country is a renewable energy hub. The Itaipu Hydroelectric Power Plant is the “most significant” in the world and has an annual output of 103 TW. The country completely relies on Itaipu as well as Yacryeta, another hydroelectric powerplant, for its energy needs.
Commenting on the partnership, Valery Vavilov, the CEO of Bitfury said: “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.”
“Paraguay is exploring creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens, and this partnership with strategic allies like Commons Foundation and Bitfury will provide the infrastructure that enables them to advance those efforts,” added Sandra Otazú Vera, a senior staff attorney in Paraguay and advisor to Commons Foundation.
Bitfury and Commons Foundation to Collaborate on Crypto Exchange
In addition to its collaboration with Bitfury, the Commons Foundation is planning to launch a global cryptocurrency exchange towards the end of this year. This exchange, which aims to help build a blockchain ecosystem in Latin America, will use Bitfury’s Crystal analytics platform to conduct KYC/AML procedures, the statement said.