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.
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
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
