The adoption of cryptocurrencies continues to advance in Argentina, even with contrary recommendations initiative by the International Monetary Fund (IMF). The country has just made the first cryptocurrency-focused smart residential building where residents can receive money for live.
As reported by the portal Ambito, the building was named “Next Pampa 2.0”. The deal brings together the cryptocurrency market and real estate businesses in a venture that seeks to use cryptocurrency mining to reduce expenses to zero.
Crypto building in Argentina
The crypto building is located in the Bajo Belgrano neighborhood on La Pampa street, a few meters from Libertador. According to its creators, there is a BTC mining pool in the basement of the building that will generate income. At the same time, the expectation is that the activity will bring the costs of Next Pampa to zero.
In addition, if the value obtained from mining exceeds the costs of maintaining the building, residents will receive part of the profits. That is, in addition to not paying to live in the building, it will still be possible to receive to live,
In addition to BTC mining, the building will feature solar panels with batteries that will power all LED lighting in common areas, entrances and elevators. Also, there will be solar hot water tanks in the enterprise. In this way, expenses with electricity – used in mining – will be reduced.
Next Pampa 2.0 will also have other initiatives focused on other technologies in the cryptocurrency market. The entrance hall and common areas of the building, for example, will be decorated by digital works certified by NFTs that will be owned by the consortium and owners.
As highlighted by the news portal, the partner of the innovative project is the architectural studio MCL Estudio:
“We seek to achieve an ecological and intelligent building combining architecture with nature”, says Juan Micieli, founding partner of the studio.
The building will have a total of 9 floors, 32 apartments with 2 to 4 bedrooms and 26 garages. The properties are currently in the pre-sale phase with an average “down to earth” price of US$2,500 per square meter and a ticket price of around US$120,000 for two-bedroom apartments. The building launch event will be held next Wednesday (11).
Other crypto initiatives in Argentina
As mentioned, the use of cryptocurrencies has been growing in Argentina in recent months. According reports, the largest private bank in Argentina, Banco Galicia, based in Buenos Aires, announced this week that it will offer its customers the option to buy and sell cryptocurrencies.
At first, the bank will give access to BTC, ETH, XRP and USDC. But you can expand the options in the future.
Likewise, Argentine digital bank Brubank is also offering cryptocurrency investment to its clients. In this case, Brubank offers its users access to BTC, ETH, USDC and DAI.
Finally, the British company FMI Minecraft Management, which is headed by an executive with a Brazilian family, announced this week that it intends to invest US$ 45 million to set up a BTC mining operation in the Zapala Free Trade Zone, in Argentina.
John Blount, founder and CEO of the company, is responsible for the project, which should be completed by the first quarter of 2023.
Among the favorable points for the feasibility of this feat is the low cost of energy to mine cryptocurrencies in the region:
“The mining metric is the price per kilowatt hour. In mining, we always talk about the cost of energy, because it is the most expensive asset in the operation. In this project, we will have a cost that will be one of the cheapest in the world, below 3 cents of the dollar”, highlighted Blount.