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Argentina’s State-Run Energy Provider Enters Bitcoin Mining Deal
Argentina’s state-run energy provider has finalized a new Bitcoin (BTC) mining agreement that involves utilizing associated gas to power 1,200 ASIC mining rigs in Patagonia. The deal includes Fiscal Petroleum Yacimientos (YPF) and its YPF Luz affiliate, in collaboration with Equinor and Genesis Digital Assets Limited (GDA).
YPF and Bitcoin Mining
YPF, the third-largest oil producer in South America, has various oil drilling projects in Patagonia that release associated gas. Instead of flaring this gas, the firms have decided to power crypto mining rigs at the Central Térmica Bajo del Toro mining farm in Neuquén.
Environmental Impact
By utilizing the gas that would have otherwise been released into the atmosphere, this project aims to reduce greenhouse gas emissions and promote energy efficiency. YPF believes that this initiative will allow Bitcoin mining without straining the national electrical energy network, contributing to a more sustainable solution.
Argentina’s Crypto Mining Landscape
Argentina has become an attractive destination for Bitcoin mining due to its abundant energy sources and favorable business environment. GDA’s expansion into South America marks a significant milestone in demonstrating the positive environmental impact of Bitcoin mining and its integration into local communities.
Future Prospects
GDA, with numerous mining farms globally, views Argentina as a strategic location for Bitcoin mining. YPF’s ongoing collaboration with crypto mining entities signifies a growing trend in the industry towards utilizing alternative energy sources for mining operations.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.