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Argentinian town to invest in crypto mining to fight inflation and upgrade infrastructure

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In order to obtain funds for a rail infrastructure update, the municipality of Sorradino in Argentinian Santa Fe Province may begin mining cryptocurrency. Mining the digital currencies that may be sold right away, according to its mayor, poses no danger.

The 6000-person town has already acquired six graphics cards and will be purchasing a mining rig in the near future, according to local media. The plan to mine cryptocurrency was welcomed by the local population, according to Argentinian Mayor Juan Pio Drovetta of Sorradino.

Sorradino, like many other rural communities in Argentina, was heavily impacted by the COVID-19 pandemic and the ensuing inflation, and is now struggling to pay for an overhaul of its train infrastructure, which was reopened for the first time in 33 years last year. The project will also include spending on trains to connect Sorradino to nearby major cities.

The Argentinian Mayor excepts hundreds of dollars per month

Drovetta anticipated that the town’s proposed mining activity would bring in hundreds of dollars per month. Sorradino will be mined for which coins, according to the mayor. While no direct purchase of crypto is planned, he stressed that mining remains a secure investment option:

“We are not investing in cryptocurrencies with the intention of profiting from a speculative move in which we [either] win or lose. We’ll be mining bitcoins, so we’ll always come out on top.”

Drovetta also stated that the municipality intends to pay taxes on its mining earnings, stating that she has already conducted the necessary investigation.

Sorradino could set a precedent for direct community investment in crypto mining if it launches its mining operation. It’s much more usual to see organised mining players buying power capacity in small towns, such as Bitmain in Rockdale, Texas, or even central governments trying to build mining cities from the ground up, such as the renowned Salvadoran proposal “Bitcoin City.”

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