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State-owned energy company in Argentina begins mining cryptocurrencies

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 State-owned energy company in Argentina begins mining cryptocurrencies



An unnamed foreign crypto mining company is receiving power from YPF, Argentina's state-owned energy provider, the company announced on Sunday. 


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. 


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. 


"With a vision of sustainability and business from flaring natural gas, which cannot be harnessed during exploration and at the beginning of production of an oil field, we started to create this generation pilot for cryptocurrency mining," Mandarano continued. 


After securing funding from the sovereign wealth funds of Oman and Abu Dhabi, Crusoe Energy, a privately held U.S. firm that invented bitcoin (BTC) mining by exploiting discarded natural gas as a power source, announced in June that it was expanding to those two nations.


Article Credit: CoinDesk


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