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About the First Argentine Mining Company
Our Bitcoin mining company will operate using a Proof-of-Work (PoW) algorithm. This means that we will use specialized computers, called mining rigs, to solve complex mathematical problems and validate transactions on the Bitcoin network. As a reward for this validation, our company will receive a certain amount of Bitcoin, at which point we will share with our NFT holder.
FAMCO will indeed mine exclusively in Bitcoin, using the 1000 of the 122 Tera Hash Antminer s19j pro plus. These miners will be air cooled and filtered in our state of the art 40,000 square foot facility. This facility is powered by 20 Mega Watts of available electrical infrastructure, making future hosting as easy as plug and play.
Typically, the biggest deterrent for mining companies worldwide is electricity cost. For example, the average electricity cost in the United States is 15 cents per kilowatt per hour. This can virtually eliminate profit and even lead mining companies in the red indefinitely.
However, in Argentina, the electricity cost is one of the cheapest in the world at a kilowatt per hour cost of 2 cents. This allows for us to be profitable immediately.
In addition, the government is crypto friendly, especially mining friendly. In the United States, mining companies get taxed 30% but mining companies in Argentina only get taxed 4%.
Last but not least, Argentina has an abundance of natural resources and electricity. The country has many rivers and waterfalls, including the Iguazu Falls and the Parana River, which provide significant amounts electricity through hydroelectric power. This allows for us to source electricity extremely easy and profitably.