A chunk of the minted cryptocurrencies will also be converted into Argentina's fiat currency.
Crypto mining is a power intensive process that requires high amounts of electricity
Photo Credit: Pixabay/ Victorumeche
A town called Serodino in Argentina is looking to gather funds to upgrade its rail infrastructure and is looking to do so via crypto mining. The town of over 6,000 residents, has reportedly begun purchasing graphic cards and mining equipment to generate income via crypto mining amid times of economic slowdown. Juan Pio Drovetta, the mayor of Serodino has said he sees no risk in the process of generating cryptocurrencies that can be put out for sale soon after they are minted.
A chunk of the minted cryptocurrencies will also be converted into Argentina's fiat currency to finance some infrastructural renovations.
“We could obtain up to ARS 70,000 (roughly Rs. 47,000) per month depending on the fluctuation,” local media Ambito.com quoted Drovetta as saying.
The development comes days after Argentina signed a deal with the International Monetary Fund (IMF) that requires the nation to discourage crypto activities. In return, the IMF extended Argentina's deadline to repay its debt of $45 million (roughly Rs. 342 crore).
The mayor of Serodino however, believes that his town will not be breaking any laws.
“There is no regulation because it is a new process. 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 has reportedly noted.
Blockchain analytics firm Triple-A estimates that over 1.3 million people, 2.94 percent of Argentina's total population, currently own cryptocurrency.
Meanwhile, other regions around the world are also looking to legalise and allow crypto mining.
Russia, for instance, is looking to regulate and legalise crypto mining from the homes of its citizens.
The process of crypto mining is infamous for gobbling up loads of energy and disrupting power supplies in regions around.
Nations like Kazakhstan and China among others are proactively busting illegal crypto mining hubs in their regions.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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