Genesis Digital Assets to Launch Flare Gas Powered Bitcoin Mining Site in Argentina

Bitcoin mining companies are increasingly searching for more environment-friendly energy sources to power their operations. Genesis Digital Assets, a bitcoin mining company, has announced that it has partnered with YPF Luz, a power provider, to build a bitcoin mining site run completely using electricity generated from flare gas in Argentina.

The Bajo del Toro plant, a recently built thermoelectric facility, will provide energy to Genesis Digital Assets’ bitcoin mining data center, hosting 1,200 miners in a site inside the plant. Before, YPF Luz had prepared a pilot to evaluate the feasibility of this agreement.

Bajo del Toro generates its 8-megawatt capacity using flare gas, generated as a byproduct of oil exploration, and is rarely taken advantage of. This is because these oil facilities are rarely near processing centers and it is often economically non-feasible to build the infrastructure needed to transport it.

Using this gas, which would be otherwise discarded, is an advancement for both companies, monetizing it and reducing emissions with this partnership. Martin Mandarano, YPF Luz CEO, remarked that this project allowed the company to “reduce the carbon footprint of its exploration activities” through “an adaptable and sustainable flare gas use solution.”

Abdumalik Mirakhmedov, founder of Genesis Digital Assets, commented that Argentina was a relevant country for bitcoin mining, given its abundant energy sources and favorable business environment. He stressed:

This will be 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.

Other initiatives of this kind have already been undertaken in Argentina. In February, Tecpetrol, an Argentina-based oil and gas company, reported a fivefold increase in its production after including vented gas cryptocurrency mining in its operations portfolio.

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