- A small Argentine town has decided to choose crypto mining to raise funds to pay for rail connections.
- The town witnessed major economic impacts and a prolonged inflationary situation following the pandemic.
- Serodino expects to raise between USD 540 and USD 624 worth of coins per month depending on the markets, highlighted the Mayor.
A small town in Argentina has recently taken a move to invest in crypto mining equipment seeking to raise money to pay for enhanced rail connection and beat inflation.
Serodino is a town of 6,000 folks that belongs to the Iriondo Department in Argentina’s Santa Fe Province. According to a news website, this initiative is being taken by a group headed by Mayor Juan Pio Drovetta, the town.
The pandemic has had major impacts on most Argentine communities’ economies, and Serodino was among them. The small-town witnesses economic fallout and a prolonged situation of inflation.
In Fact, last year the town saw train services back on the railway station for the first time in 33 years. But the loophole is that after three decades of disuse, the facilities are still basic, and the Mayor discussed the town’s desire to join commuter lines that act as a connection between primary cities.
Serodino Might Raise USD 540-USD 624 Worth Of Coins Monthly
But this needs funding; hence the small town has decided to turn its head to crypto mining. Along with the local businesspeople, the town has already made an initial investment in six graphics cards and will soon buy a mining rig.
Drovetta highlighted that the move was an initial pilot and was taken after the mutual decision and the immediate decision by the residents of Serodino. Furthermore, he signified that the town expects to raise between USD 540 and USD 624 worth of coins per month according to the market prices. This indicates that instead of holding them, the town might strive to sell the tokens that it mines.
Although there was no specification as to which crypto asset the hardware would be utilized to mine. But the Mayor claimed that all of the money raised would be deployed to pay for projects that benefit the town.
He highlighted the fact that if the decision has a risk, they are not purchasing cryptocurrencies and looking to gain profits on a speculative move, whereby they either lose or win. What they would be doing is generate cryptocurrencies, so they always win.
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Source: https://www.thecoinrepublic.com/2022/04/12/argentine-town-serodino-to-utilise-crypto-mining-to-work-on-improvements/