Argentina’s Leading Energy Provider Enters Lucrative Bitcoin (BTC) Mining Agreement

• Argentina’s state-run energy provider, Fiscal Petroleum Yacimientos (YPF), has inked a new Bitcoin mining deal involving the use of associated gas to power 1,200 ASIC mining rigs in Patagonia.
• The deal also involves Norwegian oil and gas supplier Equinor and Bitcoin mining firm Genesis Digital Assets Limited (GDA).
• The firms will use a “mining farm” named Central Térmica Bajo del Toro, located in Rincón de los Sauces, Neuquén, and claim that the move will help reduce greenhouse gas emissions, make efficient use of energy, and monetize associated gas.

Argentina’s state-run energy provider, YPF, has sealed a new Bitcoin mining deal that will see the firm use associated gas to power 1,200 ASIC mining rigs in Patagonia, in a bid to reduce greenhouse gas emissions and monetize associated gas.

Argentina Energy Provider The Latest to Ink BTC Mining Deal

YPF is South America’s third-largest oil producer with several exploratory oil drilling projects in Patagonia. The YPF deal will see the firms use a “mining farm” named Central Térmica Bajo del Toro. The firms will channel the gas to a thermal power plant with a total installed capacity of 8 MW.

An Environmentally Friendly Solution?

YPF stated that the project would use gas that “otherwise would have been vented into the atmosphere.” The oil firm believes this would help reduce the risks of the “highly energy-intensive” BTC mining industry. The project will allow Bitcoin mining without affecting the availability of the national electrical energy network, contributing to a more sustainable solution.

Patagonia Project Not Nation’s First

Abdumalik Mirakhmedov, the Executive President of GDA, said Argentina is “an important country for Bitcoin mining.” He said that “given its abundance of energy sources and its business-friendly environment,” the nation was a natural pick for miners. GDA operates over 180,000 mining rigs worldwide.

Conclusion

This new deal marks an important step in the use of associated gas for Bitcoin mining, contributing to a more sustainable and environmentally friendly solution. It also highlights Argentina’s growing importance in the global Bitcoin mining industry.