Mar del Plata to host a major mining farm for Ethereum, possibly other cryptocurrencies

RIO DE JANEIRO, BRAZIL –  A meaningful undertaking is in the making in Mar del Plata, a tourism and high-tech city in the Argentine Buenos Aires province.

The Argentine project accelerator Neutrón, based in Mar del Plata, presented Lothal Mining, a new startup aimed at different types of ventures related to cryptocurrencies. The startup, in addition to inaugurating its own mining company, seeks to advise and train investors, and offer solutions to those who have already ventured into this market.

Lothal’s goal is to generate solutions related to cryptocurrencies, taking advantage of the synergy with other projects of the accelerator, in addition to bringing to the public and also to the corporate environment the possibility of investing and adopting these digital currencies in their daily lives or in their businesses.

“We plan to provide services and solutions to banking, fintech and different actors that are gradually entering the crypto ecosystem, through other companies that Neutron is accelerating, as is the case of Andromeda, software factory with which a marketplace is being developed in which it will be possible to buy with cryptocurrencies,” said Lothal’s CEO.

The project received funding of 45 million pesos (US$ 410,000) from the Grupo Neutron investors and aiming for about 200 million pesos (US$2.5 million) funding in the near future, writes the newspaper La Capital. Many experts in this domain have claimed the project is exciting with the perfect selection of a building spot and working environment.

In a first step the new crypto farm will be mining only Ethereum (ETH). Sources have mentioned that the firm will slowly extend its reach in the crypto domains and will be mining several other cryptocurrencies.

The funding provided by the startup accelerator seeks to acquire hardware, refrigeration equipment, building the mining farm, hiring staff to perform electrical maintenance, among other activities.

Also, officials of the Argentine Ministry of Industry were in the mining farm to check the project’s launching. Maximiliano Gonzáles Kunz, Grupo Neutrón’s CEO, pointed out that crypto mining is urgently needed in the context that fiat currency is “tending to lose ground progressively.”

Mar del Plata

Mar del Plata is a city in Buenos Aires Province, located on the coast of the Atlantic Ocean. The city is one of the major fishing ports and the biggest seaside beach resort in Argentina. With a population of 614,350 as per the 2010 census, it is the 7th largest city in Argentina.

As part of the Argentine recreational coast, tourism is Mar del Plata’s main economic activity with seven million tourists visiting the city in 2006. Mar del Plata has a sophisticated tourist infrastructure with numerous hotels, restaurants, casinos, theatres and other tourist attractions.

During the mid-1980s, Mar del Plata saw the birth of electronics factories, focused mostly on the telecommunications field, with two of them, Nexuscom and DelSat, succeeding in the international market. By the 2010s, a local technology company, PCBOX, was manufacturing and developing personal computers, tablet computers, smartphones and action-cams.

Also during the decade of 2010, the development of the software industry resulted in the formation of 92 companies and 440 microbusiness. One of these companies, Making Sense, opened offices at San Antonio, Austin and Boston, in the United States. Along with the American COPsync, Inc, the company developed in 2013 the software for VidTac, an in-car video system for law enforcement, and the internet landing page application Lander, bought by the Silicon Valley company QuestionPro in 2016.