The Government of Paraguay and the Blockchain company Commons Foundation have recently signed an agreement that will serve as the basis for the construction of the world’s largest crypto mining operation in Paraguay. This was announced by the Commons Foundation on its website on November 18. The Paraguayan government wants to promote the country’s international reputation for technical innovation.
The Golden Goose
The two partners have christened the project the “Golden Goose Project” and are planning to implement it in one of Paraguay’s most important cities, Ciudad del Este, the country’s second largest city with a population of around 320,780. Ciudad del Este is already known internationally for its attraction for tourism.
Initial Exchange Offering planned
In addition to the support of the government of Paraguay, the Commons Foundation wants to finance the planned plant through an Initial Exchange Offering, in which MicroBitcoin (MBC), BTC (Bitcoin) and Ethereum (ETH) are to be used.
What does this mean for Bitcoin?
Bitcoin, the world’s largest cryptocurrency, which together with other coins suffered heavy losses in November 2018, would probably receive a boost from the project. According to the broker eToro, the current price on 28.11. is about 3,574 Euro (4,028 USD). On 26.11. it suffered a low and stood at about 3,251 Euro (3,665 USD). Since then, the Bitcoin share price has recovered somewhat.
MicroBitcoin and Ethereum
According to the Binance crypto exchange, the price of MicroBitcoin is currently around EUR 0.090 (USD 0.101677). Exchange Capital.com states that the Ethereum price has risen by about 5%, while Coingecko says it has risen by 8.2%. There the Ethereum price is 101.80 Euro (about 114.78 USD).