The Blockchain Technology Foundation has been based in South Korea since its inception, but recently its representatives were in talks with the Paraguayan government to create something big - the world's largest mining farm and cryptocurrency exchange.
Many of our readers will be surprised to learn that Paraguay is one of the world's renewable energy centers, with all of the country's electricity produced from hydroelectric power plants. The Itaipu gas station is one of the most powerful in the world, its annual output is about 100 billion kWh. Residents of the country consume only 20% of all available energy, the rest is exported.
It is important to note that the hydroelectric power station is state-owned, and the Blockchain Technology Foundation has entered into a deal with the government to receive an 80% reduction in the price of electricity for at least five years.
In addition, the government is providing the foundation with five plots of land, with a total area of 50,000 square meters. This land will be used to launch the “Golden Goose” project, which will combine a large Bitcoin exchange and the world’s largest mining rig.
The funds plan to finance the project using an ICO model called “initial exchange offering.” According to employees, token holders will receive 30% of mining profits and 70% of the exchanger's daily profits. Dividend payments will be made in MicroBitcoin, which can be exchanged for USD on some exchangers.
According to a CCN press release, Paraguayan Vice President Hugo Velazquez Moreno said:
The Paraguayan government will actively support the Golden Goose project and provide it with tax benefits by revising certain paragraphs of the constitution.
The last part of Moreno's quote is of great importance. It turns out that the Paraguayan government will indeed revise the country's constitution to grant legal status to cryptocurrencies. This will be a major breakthrough for the entire digital asset industry.
There is no information yet regarding the launch date of the exchanger and the release date of the token.
According to www.ccn.com
You May Also Like
Soluna is going to compensate for electricity
The amount of electricity used for mining is of concern in terms of environmental impact. Current estimates place the energy consumption for Bitcoin mining at around 2.55 gigawatts, almost as much as the whole of Ireland consumes. And this problem only gets worse as the number of operations increases.
90% of all Monero have already been mined. What does it mean?
By May 31, 2022, Monero will have 18.4 million XMR in circulation. And the project has already mined more than 90% of this amount.
