Argentina started selling electricity to crypto miners from other countries

  • 15:34 Oct 05, 2022
  • 282
Argentina started selling electricity to crypto miners from other countries

YPF Luz is an electricity company from Argentina. It is part of a large state-owned oil mining corporation, YPF. "Subsidiary" has implemented a pilot project that aims to mine virtual coins. This process was made possible by burning associated gas, which has become the main source of energy.

We are talking about a facility from YPF Luz, which is located in a huge oil field. The capacity of the complex is 1 MW. It is located on Vaca Muerta. At this natural site, in addition to YPF, the natural resources of the Americans (representatives of the company Chevron).

This initiative has been in operation for several months. Also in Bajo del Toro, it is planned to put into operation a similar facility. Only with a capacity of 8 MW.

What is the principle of operation?

This energy is consumed by foreign miners. Special boxes with devices for mining crypto are installed in Vaca Muerta (the desert near the generators of oil fields).

People who mine in this way sign a contract with YPF Luz. They pay relatively low rates for electricity.

According to YPF CEO Martin Mandarano, this is a great way to utilize and rationalize associated gas. This, in turn, keeps logistics costs to a minimum.

Let us remind you that similar practices have been used in Russia. We are talking about the company BitRiver, which borrowed associated petroleum gas from Gazprom Neft for mining. It's probably a perfect way to minimize energy costs when mining virtual coins.

We are sure that examples of using associated gas for mining will pop up in the media in different countries.

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