Argentina’s state-run energy provider, Fiscal Petroleum Yacimientos (YPF), has finalized a new Bitcoin mining deal that will utilize associated gas to power 1,200 ASIC mining rigs in Patagonia. The agreement involves YPF and its affiliate, YPF Luz, along with Norwegian oil and gas supplier Equinor and Bitcoin mining company Genesis Digital Assets Limited (GDA). YPF, South America’s third-largest oil producer, will utilize the gas from exploratory oil drilling projects in Patagonia to power the mining farm named Central Térmica Bajo del Toro. This move is expected to reduce greenhouse gas emissions and make efficient use of energy. YPF stated that the project would utilize gas that would otherwise be released into the atmosphere. This initiative is part of YPF’s ongoing collaboration with the crypto mining industry, as it has been using associated gas to power mining rigs since 2022. GDA sees Argentina as an important country for Bitcoin mining due to its abundant energy sources and business-friendly environment. This project marks GDA’s first venture in South America and is considered a significant step for the mining firm. Equinor also announced plans to incorporate crypto mining operations in North Dakota in 2020, and Tecpetrol, another Argentina-based oil explorer, revealed plans to operate a crypto mining farm in the Vaca Muerta oil field in 2023.
