The aftermath of the COVID-19 pandemic turned into a full-scale energy and financial crisis, seeing Argentina’s inflation skyrocket to 78.5%. Despite all this, Argentina made a major move into crypto mining, with YPD, Argentina’s state-owned energy provider planning to open an 8-megawatt mining plant.
Crypto Miners under pressure
BitPatagonia, one of the largest crypto mining companies in the South American country, got hit with a 400% increase in electricity costs earlier this year. The surge in electricity costs is not just the result of the accelerating energy and supply crisis worldwide but a policy change in Argentina.
Reportedly, the government imposed a massive hike in the electricity rates for wholesale customers, resulting in a 400% higher bill for BitPatagonia’s mine in Tierra del Fuego.
Implications for crypto adoption
With the state-owned energy provider entering the crypto mining arena, the country is signaling crypto-friendly regulations and policies for the future. Startups like Uniglo.io, Helium, and other blockchain startups are intrigued by the move that could lead to a countrywide storm on cryptocurrencies, seeing hundreds of startups pouring into the country to set up shop.
Uniglo (GLO) plans to launch on the 19th of November, yet with no physical office, the project could be potentially intrigued by a positive move towards crypto in Argentina. While it is no crypto mining company, its unique technology and solid development plan surrounding the Ultra Burn and GLO Vault would fit right into the Argentinian Silicon Valley.
Furthermore, Uniglo is still in its presale stage and reports that investments from Argentina and other South American countries are picking up.
Helium (HNT) is another unique project as Uniglo, which rewards its users for data transfers and wireless coverage via its physical devices. With Argentina’s current move, we will see over the coming weeks if Heliums order numbers pick up and more people start to set up their devices to earn cryptocurrencies.
Final thoughts
Cryptocurrencies are conquering countries, with Argentina being the latest convert of turned pro-crypto governments. Uniglo’s ICO is already profiting from the decision, while many other cryptos will also benefit in the future.
Learn More Here:
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