Bitfury partners with South Korean firm to launch Bitcoin mining centre in Paraguay

Blockchain tech company Bitfury has partnered with South Korean R&D firm Commons Foundation to launch a network of Bitcoin mining facilities in Paraguay.

The partnership was announced by Bitfury in a press release on Thursday, which also confirmed that the mining facilities would be using hydroelectric power generated from two major plants.

“We are committed to increasing the security of the Bitcoin Blockchain, both through innovation in our hardware portfolio and expansion of its network throughout the world,” said Valery Vavilov, CEO of Bitfury.

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

The agreement is backed by the Paraguayan government, who are confident of the region becoming one of the largest Bitcoin mining production centres in the world, helped by their plentiful supply of cheap and clean energy.

“Paraguay is exploring creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens, and this partnership with strategic allies like Commons Foundation and Bitfury will provide the infrastructure that enables them to
advance those efforts,” said Sandra Otazú Vera, a senior staff attorney in Paraguay and advisor to Commons Foundation.

This move by Bitfury will attempt to buck the trend in terms of the demise of Bitcoin mining over the past year. Mining giant Bitmain has been open about their struggles during the gruelling bear market, with many questioning whether their business model can sustain if prices continue to drop.

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