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Usha Yadav
Oct 4, 2022
by Usha Yadav

Argentina's State-Owned Energy Company Moves Into Crypto Mining

Crypto Mining
An undisclosed foreign crypto mining firm is receiving power from YPF, Argentina's state-owned energy provider, the company announced.  According to YPF Luz CEO Martin Mandarano, the company's renewable energy division started a 1 megawatt (MW) pilot operation three months ago that uses waste gas from oil production to generate electricity.

Crypto Mining From Discarded Resources

The project is situated in Vaca Muerta, a region in southern Argentina famed for its shale gas and oil potential (Dead Cow). Before the end of the year, the company intends to open a second pilot, this one measuring 8 MW.

"We started to develop this generation pilot for cryptocurrency mining with a vision of sustainability and business from flare natural gas, which cannot be harnessed during exploration and at the beginning of the production of an oil field," 

Crusoe Energy Uses Flared Natural Gas For Crypto Mining

Crusoe Energy, a privately held U.S. firm, is the first to use discarded natural gas as a power for bitcoin (BTC) mining, after securing funding from the sovereign wealth funds of Oman and Abu Dhabi. The company announced its expansion in two nations in June.

The OIA and Mubadala participated in the $350 million investment round that Crusoe disclosed in April. The Denver-based miner will initially establish a branch in Muscat, the capital of Oman, and Abu Dhabi shortly after as part of the expansion. Crusoe will hire roughly eight field workers and two to three office workers. In the first quarter of 2023, Lochmiller plans to implement pilot-level technologies at one location in each nation.

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Argentina's State-Owned Energy Company Moves Into Crypto Mining
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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