Argentina mines Bitcoin with stagnant gas

Argentina’s energy sector is increasingly turning to Bitcoin, this time through a state-run facility that uses natural gas from oil fields that would otherwise go to waste.

JUST IN: 🇦🇷 A subsidiary of an Argentine state-owned company will mine the mine. $BTC Stranded Gas: Forbes

Eventually all countries will mine. #Bitcoin pic.twitter.com/bu6sCXEUJ1

— Bitcoin Magazine (@BitcoinMagazine) May 8, 2024

YPF Luz, a subsidiary of state-owned energy company YPF, recently launched a gas flare-powered mining facility in partnership with Genesis Digital Assets (GDA). It will utilize 1,200 machines to monetize the gas that is currently burning into the atmosphere.

This comes as Argentina embraces Bitcoin with the election of Bitcoin-friendly President Javier Millais in late 2023.

GDA estimates that mining operations could reduce their carbon emissions by up to 63% by repurposing stagnant gases that are currently being burned as waste. This shows how Bitcoin mining can transform energy by-products into productive uses.

“This will be another opportunity to show the world that Bitcoin mining can have a positive impact on the environment and be fully integrated into the community,” said GDA founder Abdumalik Mirakhmedov. He said.

For YPF Luz, monetizing stranded gas offsets costs and promotes sustainability.

For GDA, this means competitive energy pricing and reduced carbon emissions. For Argentina, this represents leadership in leveraging Bitcoin mining to improve energy infrastructure.

The news reflects how other countries are leveraging Bitcoin mining to “clean up” their energy grids. Bhutan mines Bitcoin with renewable hydroelectric power to consume its seasonal excess, while El Salvador uses geothermal energy to power mining without carbon emissions.

Mirakhmedov cited Argentina’s energy resources and friendly regulations as ideal conditions for the facility.

As Bitcoin mining expands globally, projects like GDA and YPF are introducing templates for reducing stagnant gas flaring through productive Bitcoin mining.