Luxury Apartment Complex In Argentina With Bitcoin Mining Facilities For Residents

Posted on June 1, 2022 in Cryptocurrency

COINHOT A new luxury apartment complex in the upscale Belgrano district of Buenos Aires, Argentina will be the first apartment complex to include a Bitcoin (BTC) mining facility.

According to La Nacion Media and Interesting Engineering, the name of the new building is Pampa 2.0, after Pampas, a fertile lowland area that includes the Argentine capital.

The project’s developers have claimed to invest between $10 million and $15 million in the project, which will be run by architectural studio MCL. Pampa 2.0 consists of 9 floors and 32 apartments, with a restaurant on the ground floor. 

However, “5-10 cryptocurrency miners” will also be installed in the building. It also signed a contract with the machine’s “Operating Responsibility Company”, and in return took an undisclosed percentage of the coin.

The developer added that his goal is to generate enough income from the mining operation to cover living expenses, and to exceed that amount to benefit the residents.

Damien Lobo, founder and lead developer of Newlink Capital, which owns real estate company Landium, said:

“I always think about innovation, but the timing has to be right. That’s a good context. Starting a project too early is just as bad as starting it too late.”

Lopo also explained that to calculate BTC fluctuations, the developer plans to calculate the average Bitcoin price over a 12-month period and based on this, the mining operation will support more than 100% of the cost of the building. security.

Lopo suggested that developers would charge around $2,500 per square meter. This means that a two bedroom apartment at Pampa 2.0 will cost the buyer “about $120,000”.

In a promotional video, the project’s proponents wrote about creating a “crypto building” that showcases a digital representation of a gold coin engraved with the Bitcoin logo.

The developers also claimed that the cost of living for the new building would be about 60% lower than competitive developments due to lighting, insulation and solar panel innovations. outside the enclave.

Argentinian Lago is best known for founding Crowdium, a company that “introduced” the idea of ​​crowdfunding to Argentina.

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