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Lothal, the cryptocurrency startup accelerated by Neutron, with technology from Grupo Núcleo

Along with the launch of Lothal, startup accelerator Neutron also announced the inauguration of the first cryptocurrency mining farm installed in the Mar del Plata Technology District. The investment made in this first stage of the project was $45 million and the company is already projecting a second round of investment for $200 million.

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The project accelerator Neutrón, based in Mar del Plata, presented Lothal Mining, a new startup aimed at venturing into different types of ventures related to cryptocurrencies. The startup, in addition to inaugurating its own mining company, seeks to advise and train investors, and offer solutions to those who have already ventured into this market.

Lothal’s goal is to generate solutions related to cryptocurrencies, taking advantage of the synergy with other projects of the accelerator, in addition to bringing to the public and also to the corporate environment the possibility of investing and adopting these digital currencies in their daily lives or in their businesses.

“We plan to provide services and solutions to banking, fintech and different actors that are gradually entering the crypto ecosystem, through other companies that Neutron is accelerating, as is the case of Andromeda, software factory with which a marketplace is being developed in which it will be possible to buy with cryptocurrencies,” said Lothal’s CEO.

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Neutron has also presented Lothal Mining

“We are also working so that Grupo Núcleo transacts with cryptocurrencies and we aspire in the future to make our know-how and processing power available for our own protocol for a virtual currency based on the ICT environment of Mar del Plata,” explained Maximiliano González Kunz, CEO of Neutrón. “We also seek from this space to provide solutions to the cryptocurrency ecosystem and bring people closer to such an environment, through different activities. Since currently it is an unknown world for most of the public, we will conduct training, content generation, talks, webinars and organize visits to our lab, etc.”

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“We are very excited to be Lothal’s technology partner. Once again, and in line with our business plan, we are prepared to offer the best technology, responding to the opportunity represented by this increasingly accepted payment instrument, which demands innovative solutions to continue evolving,” said Mauro Guerrero, CEO of Grupo Núcleo. “We will contribute all the hardware that this initiative requires, as well as our expertise and market knowledge. We are analyzing accepting cryptocurrencies in our transactions, studying all the regulations to comply with and necessary requirements,” he added.

Along with the launch of Lothal, startup accelerator Neutron also announced the inauguration of the first cryptocurrency mining farm installed in the Mar del Plata Technology District. “With this equipment, for example, we can make our processing power available to companies that enter the world of cryptocurrencies and need to transact those operations,” highlighted González Kunz.

“In its first stage, Lothal will mine Ethereum. This process is carried out with specialized equipment (Mining RIG), each of which contains GPUs (video boards or graphic cards) with high calculation capacity. In future instances of investment, ASICS will also be acquired for Bitcoin mining,” explained Ignacio Cano, CTO of Lothal.

The investment made in this first stage of the project was $45 million and the company is already projecting a second round of investment for $200 million. “These values include the cost of acquiring inputs, equipment assembly, space preparation, electrical infrastructure, refrigeration equipment, connectivity, security, racks, among others. The project will be integrated by partners with previous experience in the crypto, fintech and technology world. Each investment round will include new participants, as there is a lot of interest in the project and in cryptocurrencies”, informed Damián Miano, CFO of Lothal.

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(Featured image by rebcenter-moscow via Pixabay)

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First published in canalAR, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Philip Gregg is a tech biz writer, with a keen understanding of blockchain technology, Internet of Things, and cloud services. He also serves as chief consultant for an IT business in Washington and a cryptowallet startup in Tokyo. Philip holds an MBA in finance and has previously worked at a Silicon Valley company before striking out on his own. He is a dad to three German Shepherds and owns a sweet vintage Mustang he fondly calls Sadie.

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