Government authorities of the country visited the facilities of the farm. In addition to mining cryptocurrencies, they will conduct activities to educate.
The Lothal Mining Company recently installed the equipment of the first cryptocurrency mining farm in Mar del Plata, Argentina. They will start by mining Ethereum but plan to expand their operations to other crypto assets.
They have already prepared the space to start the activity. The Neutrón group has given them its support, with an investment of ARS 45 million, equivalent to around USD 310 thousand. They plan to put another ARS 200 million into the project.
Neutrón has been using these financial resources to purchase supplies, assemble equipment, condition the space and electrical infrastructure, and purchase refrigeration equipment, among others.
“That equipment would allow our processing power to be available to companies entering the world of cryptocurrencies. With it, they would be able to make the necessary transactions,” Neutrón CEO Maximiliano González Kunz told the local newspaper La Capital.
The executive added that they are using equipment that they supervise 24 hours a day and have facilities specially adapted for the activity. He explained that they have anti-static floors, a support structure for electronic equipment, electrical installation, and power, refrigeration, and connectivity.
First Cryptocurrency Mining Farm
Lothal Mining facilities are located in the Technological District of Mar del Plata, about 400 kilometers from the Argentine capital. Authorities from the Ministry of Industry, Knowledge- Economy, and External Commercial Management of the Nation recently visited them.
González Kunz considers that the development of this activity will be important for the “ICT ecosystem” of Mar del Plata. They decided to choose this location for the facilities since it is “the city where Neutrón was born and does most of its activities.”
Cryptocurrency mining consists of “validating and grouping the transactions of a network before adding them to its blockchain. At the same time that this process provides security to the network, it allows the generation of new currencies.”
“Cryptocurrencies Will Play a Key Role”
Another of Lothal’s objectives, in addition to mining Ethereum, is to participate “in different ventures related to cryptocurrencies,” said González Kunz. “We want to provide solutions to the cryptocurrency ecosystem and attract people to this environment, through different activities,” he added.
According to the CEO of Neutrón, “physical money will tend to progressively lose ground and cryptocurrencies will play a key role.” For that reason, they plan to educate the public who does not know about this world.
Other Argentine companies related to Bitcoin and other cryptocurrencies, among which is Andromeda, receive the support of Neutrón. They are dedicated to designing, developing, and managing software and hardware, “from incorporating biometric technologies to implementing blockchain initiatives.”
The importance of cryptocurrencies has grown exponentially worldwide, which has become evident in Latin America. Argentina has not escaped this trend, which is why the country is already entering the cryptocurrency mining sector. Likewise, there are financial institutions such as JP Morgan, Citibank, Deutsche Bank, and BBVA, which plan to provide services involving cryptocurrencies.
By Alexander Salazar
