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Companies

Bitfury and Commons Foundation to launch bitcoin mining centres in Paraguay

February 4, 2019, 11:04AM EDT

The Bitfury Group is planning an expansion to Paraguay. Together with South Korea's Commons Foundation, they are going to open bitcoin transaction processing centres in Paraguay, the companies have announced in a press release. Their opening, and subsequent operations, are part of the Golden Goose initiative—Commons Foundation's initiative to expand blockchain-based technology and innovation in South America.

“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,” said Sandra Otazú Vera, a senior staff attorney in Paraguay and advisor to Commons Foundation.

Last November, Commons Foundation received five 10,000-square meter sites situated near Ciudad del Este for this project as a part of the agreement with the Paraguayan government. Since the location is near the hydroelectric power plant Itaipú, the project will be powered by clean energy with a guaranteed 15-year stable electricity price. The processing sites will be built using Bitfury’s BlockBox AC mobile datacenters.

Bitfury’s CEO Valery Vavilov emphasised the company prioritises “the global decentralisation of the Bitcoin Blockchain.”