Share this article
Bitfury Partners to Launch Bitcoin Mining Centers in Paraguay
Bitfury has teamed up with a South Korean firm to mine bitcoin using cheap, clean hydro power in Paraguay.
Updated Sep 13, 2021, 8:51 a.m. Published Feb 4, 2019, 10:00 a.m.
Make us preferred on Google
Bitfury Group and South Korean R&D firm Commons Foundation are jointly launching a network of bitcoin mining operations in Paraguay.
Announcing the partnership on Thursday, Bitfury said a series of mining centers will be set up in the South American country using its BlockBox AC bitcoin mining devices. Further, the mines will be powered by two major hydroelectric power plants, Itaipu and Yacyreta.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The collaboration is a part of Commons Foundation’s Golden Goose project, backed by the government of Paraguay, which aims to establish the area as world’s largest crypto mining center given the country’s ample supply of cheap and clean electricity.
Paraguay currently only utilizes roughly half of the electricity produced by the two plants, according to Bitfury.
Sandra Otazú Vera, a senior staff attorney in Paraguay and advisor to Commons Foundation, said that Paraguay is exploring "creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens.”
Commons Foundation is also planning to launch a cryptocurrency exchange in Paraguay later this year. The platform will integrate Bitfury’s compliance analytics platform Crystal, according to the announcement.
Bitfury, which specializes in manufacturing crypto mining infrastructure and also mines itself, is reportedly considering an initial public offering (IPO) in Amsterdam, London or Hong Kong, possibly to be held early this year.
In November 2018, the firm raised $80 million in funding led by venture capital firm Korelya Capital, with Mike Novogratz’s Galaxy Digital, Macquarie Capital and Dentsu Inc. also participating.
Itaipu dam image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin pulls back to as low as $81,000 as horrendous day continues
The world's largest cryptocurrency has shed nearly $10,000 over the past 24 hours, now threatening to take out its recent November low just under $81,000.
What to know:
- Bitcoin (BTC) continued to quickly decline in the U.S. evening hours on Thursday, the price falling all the way to $81,000.
- More than $777 million in leveraged crypto long positions were liquidated in the space of one hour.
- Comments from President Trump caused a surge in Polymarket betting odds on Kevin Warsh becoming the next Fed chair, perhaps disappointing some traders who hoped the more dovish Rick Rieder would be selected.
Top Stories
