The Mar del Plata technology zone in Argentina will host large-scale cryptocurrency mining operations supported by domestic startup accelerators. Lothal Mining is the company that will operate this mining company in Argentine cities.

The company will mine Ethereum in the first phase

According to a report in the local newspaper La Capital, Grupo Neutrón invested nearly 45 million pesos (US$310,000) and plans to allocate another 200 million pesos (US$2.21 million).

The infrastructure is ready, and in the first phase, the company will mine Ethereum (ETH). However, the company plans to expand to other cryptocurrencies.

The funds provided by the startup accelerator are aimed at purchasing hardware, refrigeration equipment, building mining farms, hiring personnel for electrical maintenance, and other activities.

In addition, officials from the Ministry of Industry are also checking the start-up of the project at the mining farm. Maximiliano Gonzáles Kunz, CEO of GrupoNeutrón, pointed out that crypto mining is urgently needed in the context of the decree that “tends to gradually lose its status”.

He added:

For example, using this device, we can provide processing power for companies that enter the world of cryptocurrency and need to perform these operations.

CEO says interest in crypto mining projects is increasing day by day

Regarding the decision to select Mar del Plata as a hub for mining equipment, Gonzáles Kunz praised it as a strategic location for the city’s technology ecosystem.

In addition, he believes that the synergy created between start-ups in the region is the appropriate environment for establishing such a project.

Despite this, the startup accelerator still claims to have “great interest” in crypto mining projects. Regarding the cost of energy supply, the CEO of Grupo Neutrón commented:

We will invest in infrastructure to ensure stable and cheap supply. (…) We have established a strategic alliance with Grupo Núcleo and Neutrón. This allows us to obtain hardware availability, project capital investment, and technology ecosystem at the best market cost, thereby enabling us to achieve synergy with different projects in the industry.

What do you think of this new type of mining equipment in Argentina? Let us know in the comments section below.

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