The tech district of Mar del Plata, Argentina will host a massive crypto mining operation backed by a domestic launch accelerator. Lothal Mining is the company that will direct the operations of the mining company in the Argentine city.
Company will mine Ethereum in the first phase
According to local newspaper La Capital, Grupo Neutrón has invested nearly 45 million pesos ($ 310,000) and plans to provide additional funding of 200 million pesos ($ 2.21 million).
The infrastructure is ready, and in a first step the company will dismantle Ethereum (ETH). However, the company plans to expand into other cryptocurrencies.
The funds made available by the Startup Accelerator will, among other things, acquire hardware, cooling equipment, the construction of the mining operations and the hiring of personnel to carry out electrical maintenance work.
Officials from the nation’s Department of Industry were also at the mine farm to verify the start of the project. Maximiliano Gonzáles Kunz, CEO of Grupo Neutrón, pointed out that crypto mining is urgently needed as Fiat “tends to increasingly lose ground”.
He added:
With these devices we can, for example, make our processing power available to companies that enter the world of cryptocurrencies and have to carry out these operations.
Growing interest in the crypto mining project, claims CEO
In deciding to choose Mar del Plata as the hub for the mining rig, Gonzáles Kunz praised its strategic location for the city’s technological ecosystem.
In addition, he believes that the synergy between the startups in the region is the right environment to realize a project like this.
However, the startup accelerator claimed that there was “great interest” in the crypto mining project. Regarding the energy supply costs, the CEO of Grupo Neutrón said:
We will invest in the infrastructure to ensure a stable and cheaper supply. (…) We have strategic alliances with Grupo Núcleo and Neutrón. This gives us access to hardware availability at the best market cost, capital investment for the project and a technological ecosystem that allows us to create synergies with different projects in the industry.
What do you think of this new mining rig in Argentina? Let us know in the comments below.
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