Saturday, October 8, 2022

Argentinian Town Serodino Resorts to Crypto Mining to Generate Revenue

Serodino, an Argentinian town in the province of Santa Fe, eyes joining the crypto sphere in the mode of crypto mining as it looks to generate funds for its development.

As part of the response to the economic setback that accompanied the covid 19 pandemic and the consequent inflation causing scarcity of funds that many cities like Serodino suffer, the town has decided to turn to crypto mining. This is to raise the required funds for its railway infrastructure as per news reported by local media. The city’s Mayor Juan Pio Drovetta says the novel idea has the backing of Serodino’s 6000 dwellers.

With the generated revenue the city intends to improve its Tucuman train which just began operation for the first time after 33 years and also join the rail network to connect other cities. The rest of the income will be channeled into developmental projects for the community of Serodino. The mining operations are expected to be carried out in the town itself.

The town has acquired six graphic cards and will be purchasing a mining rig in no distant future.

According to the Mayor, the crypto mining operations are expected to generate 60,000 to 70,000 pesos monthly, although there was no mention of the coin the town will choose to mine. When asked about the volatility associated with cryptocurrency prices, Juan replied that the town will concentrate on mining as it is a safer investment option compared to buying crypto and hoping to make a profit.

The Mayor also mentioned that after sorting the legalities involved seeing that this is a new process, the town intends to pay tax from the income generated by the operations.

Serodino, with this new initiative, could set a new trend for direct community investment in crypto mining as the common trend included governments trying to build mining cities like the “Bitcoin City” being planned by El Salvador.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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