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.
Abdumalik Mirakhmedov, the founder of GDA said “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.”
YPF Luz believes that monetizing stranded gas promotes sustainability and reduces expenses.
GDA will benefit from lower carbon emissions and competitive energy pricing. It shows leadership from Argentina in utilizing Bitcoin mining to improve electricity infrastructure.
The story is similar to other nations’ use of Bitcoin mining to “clean up” energy systems. El Salvador employs geothermal energy to power mining with no carbon imprint, while Bhutan uses renewable hydropower to mine Bitcoin during its excess periods.
As reported by GreatGameIndia earlier, El Salvador’s ambitious “volcano energy” project features a 241-megawatt Bitcoin mining operation, demonstrating the potential for large-scale, environmentally conscious Bitcoin mining.
Argentina’s favorable rules and abundant energy supplies were mentioned by Mirakhmedov as the facility’s optimal conditions.
Projects like GDA and YPF’s provide a model for lowering stranded gas flaring through profitable Bitcoin mining as the industry grows globally.
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