Bitfury and Commons Foundation Set to Launch Bitcoin Transaction Processing Center in Paraguay

Bitcoin Blockchain Crypto Regulation
Bitfury and Commons Foundation Set to Launch Bitcoin Transaction Processing Center in Paraguay

Bitfury, a highly-reputed firm dedicated to securing the Bitcoin blockchain, is collaborating with Commons Foundation, a Seoul-based organization focused on creating and implementing cultural, economic, and social peer-to-peer models.

The duo will launch a Bitcoin transaction processing center in Paraguay, as part of the latter’s “Golden Goose” initiative aimed at promoting widespread adoption of cryptos and blockchain technology in Spanish-speaking nations, according to a blog post on January 31, 2019.

Joining Forces to Foster Cryptocurrency Adoption

In a bid to promote the adoption and integration of cryptoassets as well as its underlying distributed ledger technology (DLT) into the daily lives of Spanish-speaking nations, Commons Foundation has allied with Bitfury.

Per the blog post, both firms will collaboratively build a series of Bitcoin transaction processing centers in the South American nation as well as other Spanish-speaking regions using Bitfury’s BlockBox AC mobile data centers.

For the uninitiated, Bitfury claims that its BlockBox AC is the latest tool for mining the world’s flagship cryptocurrency on a commercial scale.

BlockBox is 500 square feet and is reportedly loaded with the capabilities of a full-size bitcoin mining datacenter. It allows users to start mining bitcoin more productively within a few hours, says Bitfury.

Bitcoin Mining Powered by Clean Energy

The Bitcoin transaction processing sites will be powered by 100 percent clean energy generated at the Itaipu hydroelectric plant which is touted to be the world’s largest operational hydroelectric energy producer and the Yacyreta dam, with 20 highly efficient machines.

According to the team, with a population of nearly seven million people, Paraguay only utilises 50 percent of the total clean electricity generated by the Itaipu and Yacyreta power plants, as such, there is more than enough energy to power the data centers.

Commenting on the development, the CEO of Bitfury, Valery Vavilov reiterated that the firm remains dedicated to securing as well as expanding the Bitcoin blockchain both through its innovative hardware products and by preaching the gospel of Bitcoin across the globe.

“Bitfury has consistently prioritized the global decentralization of the Bitcoin Blockchain, and we look forward to helping our partners introduce this industry to Paraguay,” Vavilov added.

Sandra Otazu Vera, a senior staff attorney in Paraguay, who also functions as an advisor to Commons Foundation also stated that the initiative is a forward-thinking maneuver as it would attract the much-needed foreign investment to the nation.

Despite the current bear market, Bitfury remains unperturbed, contributing massively to the growth of the blockchain ecosystem. As reported by BTCManager on January 24, 2019, Bitfury launched a series of products aimed at boosting the adoption of the Bitcoin Lightning Network.

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.