Blogs & Articles: Argentinian Energy Company to Use Stranded Gas for Bitcoin Mining đź”— 17 weeks ago
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- Category: Blogs & Articles | BTC Times
- Author(s): Deniz Saat
- Published: 8th May 2024 15:41
Argentina's energy sector is increasingly incorporating Bitcoin, with a state-owned facility now using surplus natural gas from oil fields, which would otherwise go to waste.
YPF Luz, a subsidiary of the state-owned energy company YPF, has partnered with Genesis Digital Assets (GDA) to establish a mining facility powered by flared gas. This facility will operate 1,200 machines to monetize the gas that is currently being flared into the atmosphere.
This development coincides with Argentina's embrace of Bitcoin following the election of the Bitcoin-friendly President Javier Milei in late 2023.
By utilizing stranded gas that is typically burned off, GDA believes its mining operations could cut carbon emissions by up to 63%, demonstrating Bitcoin mining's potential to turn energy byproducts into valuable resources.
"This will be yet another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities," commented GDA founder Abdumalik Mirakhmedov.
For YPF Luz, turning stranded gas into a revenue stream helps offset costs and promote sustainability.
For GDA, it means access to competitively priced energy and a reduction in carbon emissions. For Argentina, it represents a step forward in using Bitcoin mining to improve energy infrastructure.
Similar initiatives are underway in other countries, using Bitcoin mining to enhance energy grids. Bhutan mines Bitcoin using renewable hydropower to manage seasonal surpluses, while El Salvador harnesses geothermal energy for mining, achieving a zero carbon footprint.
Mirakhmedov highlighted Argentina's ample energy resources and favorable regulations as ideal for the new facility.