Argentine commune to start mining cryptocurrencies to fight inflation

The municipality’s management plans to purchase the first mining farm of six video cards

14.04.2022 - 09:15

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What’s new? The communal chief of Serodino of Argentina’s Santa Fe Province, Juan Pio Drovetta, has announced the launch of a new initiative to get out of a difficult economic situation. The authorities plan to purchase a cryptocurrency mining farm to extract additional financial resources for the development of the commune.

News on the Ambito website

What else is known about the authorities’ initiative? The first farm of six video cards will be purchased and installed with funds from the municipality and private investments. The extracted assets will be sold and the profits will be invested in the modernization of the railway and the restoration of transport links with nearby villages.

According to Juan Pio Drovetta, the project has received the necessary support in society. A preliminary calculation showed that the authorities will be able to receive around $530-620 per month, depending on the exchange rate of cryptocurrencies.

What had happened before? At the end of March 2022, the administration of the city of Rio de Janeiro announced the launch of the option to pay property taxes using cryptocurrency. If the legislation is amended accordingly, this option will become available as early as 2023.

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