A small town in the countryside of Argentina has decided to invest in crypto mining hardware to raise money for improved rail connections and a “blow of inflation”.
Ambit report This initiative shows that it is being pioneered by a group led by Juan Piodrovetta, Mayor of Serodino, a town of 6,000 inhabitants in the province of Iliond in Santa Fe Province, Argentina.
Like many rural Argentinas, Serodino has been hit hard by the coronavirus pandemic and its economic decline, months of rapid inflation, and its own economic slowdown.
Last year, in this town, the Argentine government returned the train to the train station for the first time in 33 years. report last year. But even after more than 30 years of inactivity, the facility is still basic and Drovetta talked about the town’s desire to join the commuter line connecting the major cities.
And to fund all of this, and for other improvements in the town, Serodino turned to cryptocurrency mining. Working with a local “businessman,” the town will make an initial investment in six graphics cards and will soon buy a mining rig.
The mayor said the move was the first “pilot” and was done with “immediate support” by the townsfolk. He added that the town has been “working and researching” this move for some time, and the community is investing in “future and knowledge.”
Initially, the mayor added that the town expects to raise $ 540 to $ 624 worth of coins per month “depending on market prices.” This indicates that the town is trying to sell the mined tokens rather than holding them. He did not show the crypto assets whose hardware is used for mining.
He also argued that “100%” of the money raised would be used to pay for projects that would benefit the town.
When asked if he thought the move represented “risk,” the mayor replied:
“We haven’t bought cryptocurrencies and aren’t trying to make a profit with speculative moves. [either] win [or lose].. We always win because what we are trying to do is generate cryptocurrencies. “
The mayor dismissed the question about the legality of the process and said there were no restrictions related to what his town was doing.
But he showed that the town was considering paying taxes on its income. He pointed out that he was working with a “university professor specializing in Rosary accounting” to help the town understand how to pay taxes to the mining industry. Related revenue.
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