Paraguay to Become Home to World's Largest Mining Farm
Cryptovest
Published Nov 26, 2018 01:27PM ET
Updated Nov 27, 2018 08:22AM ET
Paraguay to Become Home to World's Largest Mining Farm
This month Paraguay’s government and "Commons Foundation," a South Korean-based firm, signed an agreement to construct a bitcoin mining farm that is designed to become the largest crypto mining center in the world in terms of the area it will cover - about 50,000 square meters.
The new project, called the "Golden Goose", also includes the establishment in the country of a global crypto exchange, according to the official press release .
The center will be built in Ciudad del Este, a big city located nearby the Itaipu Hydroelectric Power Plant, one of the world's largest clean energy plants, which will ensure a continuous supply of cheap energy.
The news might not come as a surprise given the fact Paraguay is known for its vast electricity surplus resulting from the country's vast resources of renewable energy. National hydroelectric dams produce so much power that Paraguay can consume only 20 percent of it.
Accordingly, the Paraguayan government decided to combine its cheap and abundant supplies of clean energy wi...
This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.