Bitcoin, Crypto currency, Blockchain

Bitcoin: Paraguay is planning the world’s largest mining farm and Hashrate drops by 25%

851827e2fad65129436219e555273383 - Bitcoin: Paraguay is planning the world's largest mining farm and Hashrate drops by 25%

Bitcoin Mining: Paraguay is planning the world’s largest mining farm and Hashrate drops by 25%

Home News Bitcoin Mining: Paraguay is planning the world’s largest mining farm and Hashrate drops by 25%

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Marcus Misiak –
26.11.2018

The government of Paraguay and the Blockchain Technology Foundation “Commons Foundation”, which has its headquarters in South Korea, have signed an agreement, which serves as the basis for the construction of the world’s largest Bitcoin mining farm in Ciudad del Este, Paraguay.

According to a press release of the “Commons Foundation,” the project is being implemented “Golden Goose Project” in Ciudad del Este, one of the most important cities in the country, especially for its tourism industry and its economic development.

The contract provides that the government provides five plots, a total of 50,000 square meters, for the launch of the project “Golden Goose” in the vicinity of the water power plant Itaipu, the world’s largest clean power plant and a stable electricity price for a period of 15 years, granted.

Paraguay is considered to be a centre for renewable energies, since all of the electricity comes from water power plants. The water power plant Itaipu is the largest in the world. Only 20 percent of the energy consumed by Paraguay itself, the Rest is exported. Choi Yong-Kwan, Chairman of the Commons Foundation, therefore, emphasized that the mining farm is very environmentally friendly:

Only 10 to 20 percent of the electricity produced in the hydroelectric power plant Itaipu in Paraguay is consumed. More than 80 percent of the electricity will be exported to Overseas. We will build the world’s largest mining centre in Paraguay with cheaper and abundant clean energy.

Hugo Velázquez Moreno, Vice-President of Paraguay, commented on the interest of the Nation to the project and assured, that it is not only the Foundation of the contract be supported by the government, but that they also hope in the future, the Constitution of this new industry:

The government of Paraguay will continue to support the “Golden Goose Project” the Commons Foundation and by constitutional changes to tax relief grant.

This is a pretty significant statement if true. If Paraguay decides to Parliament, actually constitutional changes to grant tax relief or even the legal status of crypto-currencies and Bitcoin would recognize, that would be a great breakthrough crypto-currencies on a global level.

Bitcoin Hash Rate drops by 25%

Meanwhile, the total Hashrate of the Bitcoin network, the aggregated computing power of the maximum value of 54 million Tera-Hashes per second (TH/s) according to the data of blockchain.com on 02. October, to 41 million at the 25. November have fallen, which means a decline of almost 25 percent.

In an Interview with CoinDesk, Mao Shixing, founder of F2pool, the third largest Mining Pool said that it is estimated that between 600,000 and 800,000 Bitcoin-Miner have left since mid-November due to the falling prices of the network.

Mao explained that most of the Miner, which may have ceased operation, are likely to be those with the older models, such as the Antminer T9+ from Bitmain and avalon miner 741 of Canaan Creative. These miners have an average hashing Power of about 10 TH/s and are estimated to lose according to F2pools Miner Revenue Index is currently money.

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