TL;DR
- GDA and YPF Luz have established a partnership to develop a Bitcoin mining facility in Argentina, utilizing stranded gas from oil fields.
- The plant, located in Rincón de Los Sauces, Neuquén, has a capacity of 7 MW and houses 1,200 BTC mining machines.
- The techniques employed not only prevent environmental damage by reusing stranded gas but also can reduce CO2e emissions by up to 63%, according to recent studies.
Genesis Digital Assets Limited (GDA), one of the leading Bitcoin mining companies globally, has formed a strategic partnership with YPF Luz, a subsidiary of Argentina’s state-owned company YPF, to develop an innovative BTC mining facility in Argentina. Their aim is to capitalize on an innovative energy resource: stranded gas from oil fields.
The new Bitcoin mining facility is located in Rincón de Los Sauces, Neuquén Province, Argentina, and is designed to turn what would typically be waste into a valuable energy source. Operating with a total power capacity of 7 megawatts (MW), backed by an additional 1 MW of backup power, this plant houses 1,200 Bitcoin mining machines.
Argentina Pioneering in Bitcoin and Ecology
Stranded gas, released during oil extraction but not captured for sale or distribution due to its remote location or marginally productive fields, is used as an energy source for BTC mining instead of being burned and released into the atmosphere. The initiative not only prevents environmental damage associated with gas disposal but also turns it into a productive form of energy.
In addition to being environmentally sustainable, it is also economically viable and can help mitigate climate change. According to recent studies, methane reuse through techniques like those employed by GDA can reduce CO2e emissions by between 25% and 63%. The partnership between GDA and YPF Luz is evidence that Bitcoin mining can be compatible with environmental sustainability and can positively contribute to local communities.
This project is a significant advancement for the mining industry and sets a precedent for other regions with underutilized energy resources.
