There are different places all over that have been growing as hubs to mine virtual currencies. We can mention China, Russia, Iceland or Canada. But the southern part of Argentina is now starting to attract important cryptocurrency miners.
Patagonia Starts Mining Virtual Currencies
The south of Argentina, more specifically, the province of Tierra del Fuego, has always been related to technological innovation. But now, the province is changing in order to receive the fourth industrial revolution: cryptocurrencies.
In the place will be installed the biggest cryptocurrency mining farm in the country. We are talking about the farm of a company known as Bit Patagonia, founded by four experts in the cryptocurrency and technological world. They are Miguel Klurfan, Rodrígo Benzaquen, Walter Salama y Diego Pando.
In order to start with the mining activities, the company had to rent a farm that was previously used by a company building telephones. Now, there is a farm that mines virtual currencies 24 hours a day.
About that, the founders of the mining farm, explain:
“The special tax zone and the cold weather make Patagonia the ideal place to start mining Bitcoin and other cryptocurrencies. Access to energy, however, is the main challenge to grow.”
Ushuaia has very cold temperatures during the whole year, ranging from a media of -1º C in winter to 14º C maximum in the summer. This is great to keep the devices and machines refrigerated at all times without experiencing damage or spending important sums of money in cooling systems.
At the same time, the place offers some tax reductions to those working in the technological field, which is very positive.
However, these are not the first Argentinians that have an important mining farm around the world. Another group of entrepreneurs decided to enter the crypto world after installing a crypto mining farm in Canada.
Pando explained that in the two farms that they have in the south of Argentina they are able to create 800 Bitcoins per year, meaning that they would be earning over 5.2 million dollars.
“It is not the best moment for Bitcoin, but this is like oil,” mentioned one of the founders of BitPatagonia. “You cannot suspend the operations, but clearly we will accelerate the production once the price starts to grow again.”
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