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Bitcoin Mining: Paraguay plans world’s largest mining farm & Hashrate drops by 25%

The government of Paraguay and the Blockchain Technology Foundation “Commons Foundation”, based in South Korea, have signed an agreement to build the world’s largest Bitcoin miningfarm in Ciudad del Este, Paraguay.

According to a Commons Foundation press release, the Golden Goose Project will be implemented in Ciudad del Este, one of the country’s most important cities, known for its tourism industry and economic development.

The contract stipulates that the government will provide five plots, a total of 50,000 square meters, for the start of the “Golden Goose” project near the Itaipu hydroelectric power plant, the world’s largest clean power plant, and a stable electricity price for a period of 15 years.

Paraguay is regarded as a center for renewable energies, as all the electricity comes from hydroelectric power plants. The Itaipu hydropower plant is the most important in the world. Only 20 percent of the energy is consumed by Paraguay itself, the rest is exported. Choi Yong-Kwan, Chairman of the Commons Foundation, therefore emphasized that the miningfarm will be very environmentally friendly:

Only 10 to 20 percent of the electricity is produced in the Itaipu hydropower plant and consumed in Paraguay. More than 80 percent of the electricity is exported overseas. We will build the world’s largest mining center in Paraguay with low-cost and abundantly clean energy.

Hugo Velázquez Moreno, Vice President of Paraguay, commented on the nation’s interest in the project and assured that not only is the foundation contractually supported by the government, but they also hope in the future to adapt the constitution to this new industry:

The government of Paraguay will actively support the “Golden Goose Project” of the Commons Foundation and grant tax relief through constitutional amendments.

This is quite an important statement if it turns out to be true. If the Paraguayan Parliament were to actually decide on constitutional amendments to grant tax breaks or even recognise the legal status of crypto currencies and Bitcoin, it would be a major breakthrough of crypto currencies on a global scale.

Bitcoin hash rate drops by 25%

Meanwhile, according to blockchain.com’s data, the total hashrate of the Bitcoin network, aggregated computing power, has dropped from a peak of 54 million tera-hashes per second (TH/s) on October 2nd to 41 million on November 25th – a drop of nearly 25 percent.

In an interview with CoinDesk, Mao Shixing, founder of F2pool, the third largest mining pool, said that an estimated 600,000 to 800,000 Bitcoin miners have left the network since mid-November due to falling prices.

Mao explained that most of the miners that may have shut down are likely to be those using older models, such as Bitmain’s Antminer T9+ and Canaan Creative’s AvalonMiner 741. These miners have an average hash power of about 10 TH/s and are currently estimated to be losing money according to the F2pools Miner Revenue Index.

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