Cryptocurrency mining is an investment that is still one of the more profitable ones – even if the price is not stable, and the fact that over 80% of Bitcoin has already been mined. Recently, we wrote about the BitRiver cryptocurrency mine, which was established in Siberia – today we will move to definitely warmer regions, i.e. to California.
In short:
Mining ghost town
Cerro Gordo is a city that was founded about 150 years ago. It was created as a settlement for people who worked in the mining of silver in a nearby mine. The city is located near Death Valley National Park, California.
It would be a classic story from the time of the gold rush – the end of mine resources meant death for the city – but Cerro Gordo was lucky. Two young entrepreneurs – Jon Bier and Brent Underwood in mid-2018 decided to buy this place. The transaction went smoothly – the investor duo exchanged $ 1.4 million for 22 buildings, located on 145 hectares of land.
Bitcoin city
Bier and Underwood duo aimed to transform the city into a paradise for cryptocurrency and blockchain fans. This place is to become a tourist point, while maintaining the climate of an old mining town. Tourists will be able to make payments in Bitcoin and other cryptocurrencies. Cerro Gordo is to become a paradise for cryptofans – place, where people can sell their goods and services and receive pay in virtual money.
However, in addition to attracting crypto enthusiasts, investors have another purpose – more specifically, to earn some cash. A cryptocurrency mine is to be built in an old shaft about 350 meters deep. Considering factors such as location and electricity prices, the project has the chance to repeat the success of Siberian BitRiver.
What are the chances of success?
Photo credit: Bishop Real Estate