Bitcoin

Argentina to Utilize Stranded Gas for Bitcoin Mining

State-owned energy firm YPF’s subsidiary, YPF Luz, has recently partnered with Genesis Digital Assets (GDA) to launch a gas flare-powered mining facility in Argentina. This facility will utilize 1,200 machines to monetize gas that is currently being flared into the atmosphere as waste. This partnership comes as Argentina embraces Bitcoin, following the election of Bitcoin-friendly President Javier Milei in late 2023. By repurposing stranded gas, GDA estimates that its mining operation could reduce carbon emissions by up to 63%, demonstrating how Bitcoin mining can turn energy byproducts into productive assets.

Abdumalik Mirakhmedov, the founder of GDA, stated, “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.” For YPF Luz, this initiative helps offset costs and promotes sustainability, while for GDA, it means competitive energy pricing and lower carbon output. This partnership also positions Argentina as a leader in utilizing Bitcoin mining to enhance its energy infrastructure.

The news reflects a global trend of countries leveraging Bitcoin mining to improve their energy grids. For example, Bhutan uses renewable hydropower to mine Bitcoin during periods of excess energy, and El Salvador utilizes geothermal energy for carbon-free mining. Mirakhmedov highlighted Argentina’s abundant energy resources and favorable regulations as key factors in making the gas flare-powered facility successful. As Bitcoin mining continues to expand worldwide, collaborations like the one between GDA and YPF demonstrate a model for reducing wasted gas through productive Bitcoin mining.

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