Monday, December 11, 2023

Argentina will mine Bitcoin on gas wasted by the oil industry

Bitcoin mining is one of the projects of the Argentine oil company Tecpetrol, which plans to install a mining farm in the Vaca Muerta oil field, west of the South American country.

Ricardo Markous, executive director of the private oil company, reported that the project will use gas from six wells located in the field. It produces an estimated daily volume of 60,000 cubic meters of natural gas.

This gas is expected to be distributed to three containers, where energy will be produced that will feed the miners in the area, according to the executive.

Markous did not clarify which asset will be mined. However, the preference is mostly for bitcoin (BTC), because it is (and has become) one of the digital currencies more profitable for the mining activity.

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In statements to a local media, Markous stated that Bitcoin mining helps protect the environment. This happens because the excess gas from Tecpetrol operations cannot be burned. and will instead be used to monetize it.

Markous said, Mining operations at Vaca Muerta will begin at the end of October and begin in November of this year 2023. He claims that they have already hired an American company, which precisely mines Bitcoin from excess gas.

Markous also did not clarify the name of the company, but it is known that since 2021, there will be oil companies in Texas, United States, that use natural gas to generate electricity and mine Bitcoin.

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Mining with natural gas already has a presence in Argentina

Tecpetrol’s mining project is similar to Plus Petrol, which is also prospecting uses excess gas from its Vaca Muerta operations of my Bitcoin.

Also, the plans of this company are similar to the company Yacimientos Petroliferos Fiscales Argentina (YPF Argentina). This oil company has launched a pilot project that supplies a Bitcoin mining farm with 1 megawatt of electricity generated from the gas surpluses of Vaca Muerta.

Bitcoin mining operations using natural gas in Argentina contribute to the narrative that this activity is heading towards a perfect ecology.. In this way, benefit nature instead of attacking it as environmental activists often claim.

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By using excess gas to produce energy and mine Bitcoin, it is prevented from burning and tons of greenhouse gases are sent to the ozone layer. These are the main causes of global warming and climate change.

Apart from being an ecological activity, it also makes mining profitable. This is because Bitcoin is mined from the energy source and not through the electrical grid of any country, significantly reduced operating costs.

Nation World News Desk
Nation World News Desk
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