Crypto News: Argentinian Town To Invest In Crypto Mining To Fight Inflation

Crypto News – Serodino, in Argentina’s Santa Fe Province, may begin mining cryptocurrency in order to raise funds for rail infrastructure upgrades. 

iexclusivenews reports that Its mayor sees no danger in mining digital currencies that can be sold right away.

According to local media, the town of 6000 people has already purchased six graphics cards and will be purchasing a mining rig in the near future.

The initiative to mine cryptocurrencies was supported by the local community, according to Sorradino mayor Juan Pio Drovetta.

Sorradino, like many other rural towns in Argentina, was hard hit by the COVID-19 pandemic and the resulting inflation.

And it is struggling to pay for an upgrade to its railroad infrastructure, which reopened for the first time in 33 years last year.

iexclusivenews Nigeria reports that the upgrade will also include rail investments to connect Sorradino to the major cities nearby.

Drovetta estimated that the monthly income generated by the town’s prospective mining operation would be in the hundreds of dollars.

The mayor made no mention of which coins will be mined in Sorradino.

In his remarks on the potential risks of crypto asset price volatility, he emphasized that, while no direct purchase of crypto is planned, mining remains a safe investment option:

“WE ARE NOT BUYING CRYPTOCURRENCIES AND LOOKING TO MAKE A PROFIT ON A SPECULATIVE MOVE WHEREBY WE [EITHER] WIN [OR LOSE]. WHAT WE WILL BE DOING IS GENERATING CRYPTOCURRENCIES, SO WE WILL ALWAYS WIN.”

Drovetta also stated that the town intends to pay taxes on its mining income after conducting the necessary research.

Serodino, if it begins mining operations, could set a precedent for a direct community investment in crypto mining.

It is much more common to see institutionalized mining players purchasing power capacities in small towns (such as Bitmain in the Texas town of Rockdale)

Or even central governments planning to build mining cities from the ground up, as in the well-known Salvadoran project of “Bitcoin City.”