News - State-owned company in Argentina launches Bitcoin mining

By Mike Hesp

State-owned company in Argentina launches Bitcoin mining

Bitcoin (BTC)
Crypto acceptance

Besides El Salvador and Paraguay, Argentina is also one of the crypto-friendly countries in South America. Crypto-mining is also worthwhile here.

A subsidiary of the state energy company YPF has partnered with Genesis Digital Assets (GDA) to develop a Bitcoin mining facility to launch.

According to a press release gas flaring will be used to generate electricity for the newly connected mining equipment.

"Argentina has abundant energy, a favorable political environment, a strong crypto-ethos and is becoming increasingly important for Bitcoin mining and the industry as a whole," it continues.

By reusing unused gas that is currently burned as waste, GDA estimates it can save up to 63 percent of carbon dioxide emissions.

In any case, Bitcoin mining based on gas flaring is a win-win: it reduces CH4 emissions while creating an additional source of revenue to monetize otherwise wasted energy. This is the conclusion of a KPMG research.

With the election of Javier Milei many Bitcoiners in Argentina are hoping for a situation similar to the one in El Salvador.

There are already signs of this: those who sign contracts in Argentina no longer have to accept only local currency. Bitcoin can also be included in the contract.

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