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Argentinian Town Mining Crypto To Modernize Rail System
To avoid volatility in the price of crypto, An Argentine community of 6,000 members hopes to raise funds by selling their mined crypto.
Andrew
10:39 13th Apr, 2022
Adoption
  • Sorradino in Santa Fe province of Argentina wants to mine cryptocurrencies to upgrade its rail system.
  • The town wants to sell the mined tokens as part of a strategy to fight inflation.
  • Crypto mining could help fight inflation.

With the mayor’s blessing, the Argentine town of Sorradino in Santa Fe province is looking to mine virtual currencies to raise funds needed to modernize rail infrastructure and fight inflation instead of relying on banks and government loans.

According to a local news outlet, the city has already purchased six graphics cards and plans to buy an application-specific integrated circuit (ASIC). The city’s mayor, Juan Pio Drovetta, noted that the community supports the initiative, which he claims is not profiting from speculation but creating new tokens.

“We do not buy cryptocurrencies and try to make a profit through speculative activities through which [or] we win [or lose]. What we are going to do is generate cryptocurrencies, so we will always win.”

Drovetta added that Sorradino originally planned to collect between $540 and $624 per month of tokens “based on market prices,” suggesting the city would try to sell its mined tokens rather than lock them up. Drovetta also indicated that the city plans to pay taxes with mining revenues. This is after doing all the necessary research. He did not specify which crypto asset it intends to mine.

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