Argentinian town to invest in crypto mining to fight inflation, upgrade rail infra
Sorradino's mayor claims there is no risk in crypto mining if the digital currencies are sold immediately
By Shashank Bhardwaj
As part of its effort to upgrade its rail infrastructure, the town of Sorradino in Argentina's Santa Fe Province may soon begin mining cryptocurrency. The town's mayor claims that they will also pay taxes using the mining profits.
The 6000-person town has already acquired six graphics cards and will be purchasing a mining rig shortly, according to local media. Juan Pio Drovetta, the mayor of Sorradino, said the cryptocurrency mining plan was backed by the local community. The mayor believes there is no risk in mining digital currencies if they can be sold immediately and stated that so far, "there is no regulation because it is a new process.”
Sorradino, like many other rural towns in Argentina, was heavily impacted by the Covid-19 pandemic and the resulting inflation. It has been struggling to pay for an upgrade to its rail infrastructure, which was reopened for the first time in 33 years last year.
“We are going through complex situations, the Tucuman train stopped after 35 years and we want the commuter train like Cañada-Rosario, Gálvez-Rosario, and all that line. For that, we must work and see how we can collaborate to improve this and try to bring knowledge, labour, and new technologies”, Drovetta said. The new upgrade is also expected to include investments that will connect Sorradino to nearby major cities.
Although the mayor did not specify which coins will be mined in Sorradino, he highlighted that no direct purchase of crypto assets is planned. “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”, the mayor said.
While this is undoubtedly a desperate attempt by the town to revive its economy, it's worth noting that small towns like these are often the ones most hit during economic and financial crises. Crypto could bring in new opportunities, and mining could create new jobs, especially in a country like Argentina, which has a history of defaulting on its debts and inflating its currency. If the mining operation succeeds, Sorradino could create a precedent for direct community involvement in crypto mining.
The writer is a founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
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Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..