A South Korean blockchain technology foundation, Commons Foundation, has signed a major deal with Paraguay to develop a mining facility taking advantage of one of the world’s largest hydro electric dams to mine for cryptocurrency.
The aim is to create the world’s largest mining facility near the Itaipu hydroelectric dam outside the city of Ciudad del Este, providing a source of inexpensive and stable energy for the project. Paraguay’s government has agreed to a fixed price for the electricity for 15 years and provided extra space near the facility for future development. Also outlined in the plan is the development of technology infrastructure and collaboration to develop regulations around the burgeoning industry.
The Golden Goose project also includes plans for a token presale and an Initial Exchange Offering (IEO). Participants would receive 30% of mining centre profits and 70% of the exchange profits paid in a token called MicroBitcoin (MBC).