to reportto report, the Blockchain Technology Foundation recently completed negotiations with the Paraguayan government to establish “the world’s largest bitcoin mining farm and crypto exchange.” The foundation was established in South Korea, also known as the Commons Foundation.

Regarding the results of the negotiations, Paraguayan Vice President Hugo Velazquez Moreno stated that the Paraguayan government will actively support the foundation’s plan and provide tax relief for digital currencies through constitutional amendments. Even acknowledging the existence and legal status of cryptocurrencies would be a major breakthrough for cryptocurrencies on a global level.

Paraguay is well-developed in renewable energy, with all of its electricity coming from hydroelectric dams. The Itaipu hydropower station was jointly built by Brazil and Paraguay, with an annual output of 103 tons, making it the second largest hydropower station in the world. Currently, the country consumes only 20% of the national electricity and the rest is exported. The abundant local electric energy provides abundant electric energy for mining.

Because Paraguay’s power grid is nationalized, the negotiations between South Korea’s blockchain technology foundation and the government are at least five years old, so any deal the foundation gets in South Korea is about 80 percent cheaper.

Meanwhile, the Paraguayan government will provide five plots of land totaling 50,000 square meters to launch the project, dubbed "Golden Goose," which is said to be the world's largest bitcoin exchange and cryptocurrency mining farm.

In Europe, Asia, the North American continent, and even Africa, blockchain technology and cryptocurrency transactions are developing rapidly, but the South American economy is underdeveloped, and many countries are facing serious corruption and economic instability. Therefore, the overall Development is slower.

Paraguay's active investment in mining this time is an effective use of local energy and an exploration of the blockchain industry. Although there are fewer constraints on the development of the mining industry in Paraguay, active support is required to achieve major development.