This partnership launches a new Bitcoin mining facility uniquely powered by stranded gas.
Located at the Bajo del Toro Thermal Power Plant and operated by YPF Luz, this venture is a pioneering step in Latin America. It is specifically situated in Rincón de Los Sauces, Neuquén Province.
Launching Latin America’s First Gas-Powered Bitcoin Mining Operation
The facility, which boasts a total capacity of 7 MW with an additional 1 MW backup, will power 1,200 BTC mining machines. This initiative aims to monetize stranded gas, which is usually flared into the atmosphere as a byproduct of oil extraction. It does so by using this gas to generate electricity for Bitcoin mining. This method not only presents a profitable use for previously wasted resources. Also, it aligns with growing environmental concerns by reducing harmful emissions.
Martín Mandarano, CEO of YPF Luz, highlighted that the company has been involved in generating electricity from mining operations since 2022. The new mining operation in Argentina leverages this experience, marking a significant expansion in its capabilities and geographic footprint.
NEW: Argentina Will Mine #Bitcoin With Stranded Gas Thanks To GDA, per @Forbes pic.twitter.com/EVX7jqe3ZU
— Simply Bitcoin (@SimplyBitcoinTV) May 8, 2024
During an interview with Forbes, Abdumalik Mirakhmedov, Executive President of GDA, expressed enthusiasm about the venture. He noted that the political and innovation-driven environment in Argentina regarding cryptocurrencies, particularly Bitcoin, has grown exceptionally favorable. Mirakhmedov also pointed out the high adoption rate of cryptocurrencies and stablecoins among the Argentine population, who use these digital assets to hedge against the country’s high inflation rates.
More About Bitcoin Mining in Argentina
This strategic move by GDA and YPF Luz is seen not just as a business expansion. But, also as a solution to broader economic challenges in the region. The adoption of cryptocurrency as a hedge against inflation is a testament to its potential as a stabilizing force in economies plagued by financial instability.
JUST IN: 🇦🇷 Argentina state-owned company’s subsidiary will mine $BTC with Stranded Gas: Forbes
Eventually, every country will be mining #Bitcoin pic.twitter.com/bu6sCXEUJ1
— Bitcoin Magazine (@BitcoinMagazine) May 8, 2024
Countries in these regions are looking to innovative technologies like Bitcoin mining to address economic issues while also tapping into new technological advancements for energy utilization.
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