cryptoglobe.com
A new luxury residential development being built in Belgrano, a prestigious neighbourhood in Argentina’s Capital Buenos Aires, calls itself a “crypto building” since a Bitcoin mining farm installed in the basement will help the owners with paying the building’s expenses.
Newlink Capital, the developer behind “Next Pampa 2.0“, says that this is “an intelligent residential building that respects the scale of the city and will forever change the concept of sustainable living.”
One of the many interesting features of the building is that “the access to each building represents an architectural canvas artistically intervened through digital art (NFT’s).”
As for the Bitcoin mining farm in the basement, here is what the developers have to say:
- “ZERO expenses: declared monthly income.“
- “Income distribution according to the ownership percentage of each functional unit.“
- “Infrastructure powered by renewable energy through solar panels mitigating additional costs.“
- “Reuse of the heat generated by mining through ducts to heat common areas.“
- “Farm management by a specialized mining company.“
According to a report about the project published on May 29 by Interesting Engineering, “Damian Lopo, Newlink Capital’s founder and Next Pampa 2.0’s main project developer, explained that the firm is well aware of Bitcoin’s volatility” and “to deal with this, the plan is to calculate an average price for the Bitcoin over the last 12 months and use that average price to scale the mining farm in a way that theoretically will allow the mining operation to cover 100% of the cost of the building’s expenses.”
The report went on to say that “according to Damián Lopo, the best-case scenario is that Bitcoin’s price rises to values that produce a surplus,” which “could then be distributed among the residents; the crypto building could end up ‘paying residents’ for living in it.”