- Genesis Digital Assets Limited (GDA), one of the world’s largest Bitcoin mining companies, is expanding its operations in Argentina.
- The company has announced a significant agreement with YPF Luz, a subsidiary of Argentina’s largest electricity company YPF, to open a new Bitcoin mining facility that will operate using natural gas.
- The operation will be carried out at the Bajo del Toro Thermal Power Plant operated by YPF Luz, providing power to 1,200 Bitcoin mining machines to earn money from waste gas that would otherwise mix with the atmosphere.
Genesis Digital Assets expands its Bitcoin mining operations in Argentina, leveraging natural gas for a more sustainable approach.
Genesis Digital Assets’ Expansion in Argentina
Genesis Digital Assets Limited (GDA), a global leader in Bitcoin mining, is making significant strides in Argentina. The company has announced a major deal with YPF Luz, a subsidiary of Argentina’s largest electricity company YPF, to establish a new Bitcoin mining facility. This facility will utilize natural gas, marking a shift towards more sustainable mining practices.
Utilizing Waste Gas for Mining
The mining operation will take place at the Bajo del Toro Thermal Power Plant, which is operated by YPF Luz. The innovative approach involves using waste gas, which would otherwise be released into the atmosphere, to power 1,200 Bitcoin mining machines. This not only provides a new revenue stream but also contributes to environmental sustainability.
Political Climate Favors Crypto in Argentina
According to GDA CEO Abdumalik Mirakhmedov, the political and innovation-friendly climate in Argentina has never been stronger for cryptocurrencies, particularly Bitcoin. He noted that a significant percentage of the population already uses cryptocurrencies and stablecoins as a hedge against high inflation. As a result, cryptocurrencies are seen as a solution to these issues, and this fact is being recognized by countries in Central and South America.
Conclusion
Genesis Digital Assets’ expansion in Argentina represents a significant development in the global Bitcoin mining landscape. By leveraging waste gas for mining operations, the company is not only expanding its footprint but also contributing to environmental sustainability. With a favorable political climate and a population already familiar with cryptocurrencies, Argentina is poised to become a major player in the crypto industry.
