Argentina's YPF Luz collaborates with Genesis Digital Assets to mine Bitcoin using natural gas from oil fields, turning stranded energy into a resource.
Bitcoin is becoming more and more popular in Argentina's energy sector. This is the case with a state-owned facility that uses natural gas that has been stranded from oil fields and would otherwise be wasted.
Recently, YPF Luz, a subsidiary of the state-owned energy company YPF, teamed up with Genesis Digital Assets (GDA) to open a mining plant powered by gas flares. To profit from the gas that is currently being vented into the environment, 1,200 equipment will be used.
This occurred as Argentina adopted Bitcoin following the election of President Javier Milei, who is pro-Bitcoin, in late 2023.
GDA predicts that their mining operation may save carbon emissions by up to 63% by repurposing stranded gas that is currently burned as waste, demonstrating how Bitcoin mining can turn energy wastes into useful uses.
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