Serodino, in Argentina’s Santa Fe Province, is looking to start mining cryptocurrencies in order to raise funds for rail infrastructure upgrades according to the mayor Juan Pio Drovetta.
According to local media reports from April 10, the 6000-person town has already purchased six graphics cards and will be purchasing a mining setup soon. The plan to mine cryptocurrency was backed by the local population, according to Sorradino mayor Juan Pio Drovetta.
Serodino, 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 renovation will also include rail investments that will connect Sorradino to nearby major cities.
Drovetta anticipated that the town’s proposed mining activity would bring in several hundred dollars each month. The mayor made no mention of the coins that will be mined in Serodino.
In response to concerns about the price volatility of crypto assets, he stated that, while no direct purchase of crypto is planned, mining remains a secure investment option:
“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 also stated that the town intends to pay taxes from its mining earnings after conducting the proper study. Serodino has the potential to set a precedent for direct community investment in crypto mining if it begins mining.
It’s far more usual to see organized mining players buying power capacity in tiny towns (like Bitmain in Rockdale, Texas) or even central governments trying to build mining cities from the ground up, like in the renowned Salvadoran project “Bitcoin City.”
