Mining giant Bitfury and Commons Foundation, a South Korean R&D firm have announced that they are launching a network of new bitcoin mining operations in the South American nation of Paraguay.

Announced last week Thursday, Bitfury stated that a number of new mining centres are to be created using their BlockBox AC bitcoin mining devices. Notably, the mining rigs are to be powered by two major hydroelectric powers plants namely Itaipu Dam and Yacyreta Dam.

This new partnership forms part of the Commons Foundation’s Golden Goose project. The government of Paraguay backs this initiative for the sole purpose of establishing the region as the largest crypto mining centre in the world. This endeavour is possible due to the country’s abundant supply of clean and affordable electricity.

According to Bitfury, the South American country currently only utilises around 50% of the power supply which is produced by the two hydro plants.

Sandra Otazú Vera, an advisor to the Commons Foundation and a senior staff attorney in Paraguay, stated that the nations currently on the hunt for “creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens.”

In addition to this project, Commons Foundation also has plans to launch a cryptocurrency exchange in Paraguay at some point this year. The exchange will integrate Crystal, which is Bitfury’s compliance analytics as per the announcement.

Biftury, on the other hand, is rumored to be planning an initial public offering (ICO) in either Hong-Kong, Amsterdam or London and this could happen this early this year too.

Back in November 2018, the firm raised an impressive $80 million in funding thanks in part to help from a venture capital firm known as Korelya Capital in collaboration with Mike Novogratz’s Galaxy Digital, Macquarie Capital and Dentsu Inc.

Could Bitfury’s plans lead to other mining firms seeking out green energy solutions for their operations? Let us know what you think by leaving a comment below.