The new luxury residential complex in the prestigious Belgrano district of Buenos Aires, Argentina, will be a first-of-its-kind bitcoin (BTC) mining facility to help its residents get paid to live in their apartments.
According to La Nacion, as well as Interesting Engineering, the new building will be called Pampa 2.0, a reference to the pampas, the fertile lowland in which the Argentine capital is located.
The developers of the project said that they are going to invest from 10 to 15 million US dollars in the enterprise that will be managed by architectural studio MCL . Pampa 2.0 will have 9 floors and 32 apartments, as well as a restaurant on the ground floor.
But the building will also be installed from five to ten machines for mining cryptocurrencies. The contract was also awarded to a company that is responsible for operating the machines and which will receive an undisclosed percentage of the coins in exchange.
The developer added that its goal was to generate enough revenue from mining operations to pay for living expenses and even exceed that amount to leave residents with profits.
Damin Lopo, Chief Developer of Founder of Newlink Capital which owns a real estate company Landium Said:
I think about innovation all the time, but you also have to choose the right time. The fine line is that starting too early is as bad as starting too late.
Lopo was also quoted, who explained that to take into account the volatility of BTC, the developer plans to calculate the average price of bitcoin for 12 months and use it as a basis for calculations that will allow mining operations to finance at least 100% of the cost of construction costs.
Lopo suggested that the developer would likely charge about $2500 per m2, which means that a one-bedroom apartment in Pampa 2.0 will cost the buyer about $120,000.
In the commercial, the masterminds of the project wrote about the creation of a crypto-building and showed a digital image of a gold coin embossed with a bitcoin logo.
The developer also said that thanks to innovations in lighting, insulation and solar panels, the cost of living in the new building will be about 60% lower than in competing projects, which means that even if the mining project fails, residents will not necessarily find themselves without means of subsistence. .
Lago is known in Argentina for founding Crowdium , the firm that introduced the concept of crowdfunding in the country.
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