Argentina Embraces Bitcoin Mining with New Stranded Gas Initiative

  • Sergey Maga
  • 8 May, 2024 09:39
Argentina Embraces Bitcoin Mining with New Stranded Gas Initiative

In a significant move towards sustainable energy utilization, Genesis Digital Assets Limited (GDA) has partnered with YPF Luz to launch a new Bitcoin mining operation in Argentina, leveraging stranded gas as a power source. This initiative, a first for GDA in Latin America, aims to monetize wasted gas resources while reducing environmental impact, according to Forbes.

The operation is set up at the Bajo del Toro Thermal Power Plant in Neuquén Province, designed to run 1,200 bitcoin mining machines with a total capacity of 7 MW, plus a 1 MW backup. This setup not only capitalizes on stranded gas—which would otherwise be flared into the atmosphere—but also ensures it does not detract from the electricity supply needed for Argentina’s internal demand.

The move is part of a broader trend across Central and South America, where countries are increasingly recognizing the potential of cryptocurrencies as solutions to economic issues like high inflation. Argentina, in particular, has become a focal point for such innovations, providing an ideal environment for crypto-related expansions due to its favorable electricity prices, potential for development, and commitment to sustainable energy sources.

Share to: