A small town in Argentina wants to adopt crypto mining to raise funds to complete its railroad infrastructure and rise above the biting inflation caused by the COVID-19 pandemic.
Serodino is a town in Argentina’s Santa Fe Province planning to leverage crypto mining to fund the upgrade of its rail infrastructure.
According to a report by local media, the town of 6000 residents will collaborate with businessmen to get mining hardware. It has already purchased six graphics cards and will be buying a mining rig soon.
The Mayor of Serodino, Juan Pio Drovetta, said that the mined crypto will be converted to Argentine peso, with the hope of raising up to 60 or 70 thousand pesos per month depending on price action.
“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 said.