A new hydroelectric dam in Paraguay will create energy for 14 GW worth of cryptocurrency mining power.
At least that’s the plan, as part of a project called “Golden Goose” in which the Common Foundation worked to innovate with new energy sources in the region.
“The mining facilities in Paraguay will account for about 200,000 square meters, with electricity provided by a 500MW power substation,” wrote Ana Berman at Cointelegraph this morning. “Paraguay is reportedly home to the world’s largest operational hydroelectric energy producer, power plant Itaipu … In addition, Commons Foundation has unveiled its plans to open a global cryptocurrency exchange in Paraguay later this year.”
BB reports that the Paraguayan government is undertaking this endeavor in conjunction with its neighbor, Brazil; under the plan, Paraguay would be selling the majority of its energy to Brazil.
“We will build the world’s largest mining center in Paraguay using low-cost and abundant clean energy,” said Commons Foundations chair Choi Yong-Kwon, according to coverage from Power Finance in November.
The project also has buy-in from government officials quoted in the previous coverage, which is a good thing to know for backers of the project.
“Paraguay’s vice president has declared support for the ‘Golden Goose’ project, which will see South Korea’s Blockchain Technology Foundation build five mining centers on state land,” wrote Samuel Haig at Bitcoin.com Nov. 27. “The foundation also plans to conduct what it describes as an ‘initial exchange offering’ to facilitate investor participation in the project … The Commons Foundation claims that Golden Goose token holders will be paid 30 percent of mining profits and 70 percent of exchange profits “on a daily basis.” However, profits will be exclusively paid out in microbitcoin.”
Bitfury’s Crystal Analytics platform will allow stakeholders to achieve goals related to know your customer and anti-money laundering standards.
The new plan represents one of many initiatives to create mining potential for cryptocurrencies in ways that leverage the green power of renewable. We know that creating a renewable grid will be part of tomorrow’s new energy world, and now, we know that crypto will play a role in incentivizing new energy installations.