Argentina Builds Brand New Mining Crypto Colony For Mining
Countries across the globe are creating cryptocurrency centers to advance the industry. Many of them develop new technology, mine cryptocurrency or have exchanged for asset management. China, Russia, and the United States are well known for having tech hubs designated to token trading, but most people don’t think of the southern tip of Patagonia as a rich source of crypto-enthusiast. It turns out Argentina is breaking into the mining scene with a new spot where miners are gathering.
Virtual currencies are a definite wave of the future, so mining in Argentina makes sense, especially since the country is one of the most economically sound in South America. Tierra Del Fuego is one of the tech centers of the country and an essential place of innovation. Now, the South Argentinian province is shifting their attention to cryptocurrency for a new type of economic & technical revolution. To kick things off in the area, they are in the process of building the country’s most advanced cryptocurrency mining farm. Bit Patagonia will be the official title of the new farm – with several crypto-experts from the tech world involve – which is said to mine crypto 24 hours a day. Starting mining was simple for the company, who is backed by four of the most respect experts in the industry.
Walter Salam, Diego Pando, Rodrigo Benzaquen and Miguel Klurfan are the tech experts who are running the operation. They first started by using another farm already set up by a telephone manufacturer, but now have their center focused on crypto. Tierra Del Fuego just south of Argentina’s central area was chosen because of the regions specialized tax one and cold weather. It’s an ideal space for mining the significant cryptocurrencies or altcoins as well. One of the challenges faced in the cold frigid region is securing enough power to run the operation 24 hours a day, seven days a week.
As for the tax laws, reductions are given in the area to those who are focused on technology, an obvious benefit for anyone involved with cryptocurrency. The group is only the second from the country to start mining cryptocurrency, the first of whom decided to use Canada as their country of choice to place their base of operations. But Argentina makes sense, specifically in the southern region they’re at now. Temperatures are cold year-round, even the summers only reach a high of 14 degrees Celsius. Machines run in the area have virtually no chance of overheating, plus the need for purchasing expensive equipment keeping the operation cool.
The new mining farm will be working together with another similar operation in Southern Argentina as well. Together they are expected to generate some 800 BTC each year, which equates to over $5 million, a decent number for any operation. Although Bitcoin isn’t at its highest price right now, it’s still a good time to start like any other; operations must go on regardless of how the price fluctuates.
What do you think of the choice for the new mining operation? Where else is a smart move to start a new farm?