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Paraguay Supports Construction Of Largest Mining Farm

08:35 27/11/2018

The South Korean company Commons Foundation has concluded negotiations with the Cabinet of Paraguay on the launch of the world's biggest mining company and crypto exchange in the country, CCN reports.

 

Itaipu, one of the largest hydroelectric power plants on the planet, is built in Paraguay on the Paraná River. It is ranked first in the world by productivity with the output of 103 TW per year. Only 20% of this electricity are used for the internal needs; the other 80% are exported.

It is important to note that the HPP is state-owned, and Commons Foundation has signed an agreement with the state authorities for 5 years. In accordance with the document, Paraguay is to provide the South Korean company with several land plots covering 50,000 square meters for the implementation of the world's largest mining farm and crypto exchange, a project called the Golden Goose.

 

The authorities will help the project and provide tax incentives, even if it is necessary to revise the conditions of the fundamental law of Paraguay, Hugo Velazquez Moreno, the vice president of the state, claimed. Thus, the crypto activity in the state may be recognized at the governmental level.

In order to implement the plan, Commons Foundation aims to organize a fundraising project based on the ICO model, and calls it initial exchange offering (IEO). Owners of tokens will be able to make a profit in the amount of 30% of mining and 70% of the daily income of the trading platform, which will be paid in the little-known cryptocurrency MicroBitcoin traded on several platforms in pair with the US dollar.

 

As previously reported, Bitfarms, the Israeli service provider in the field of crypto mining, plans to organize an IPO in Canada.

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