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In a recent development within Argentina's energy sector, a state-owned energy company, YPF, through its subsidiary YPF Luz, has embarked on an innovative venture with Genesis Digital Assets (GDA) to operate a gas-fired bitcoin mining facility. This initiative uses stranded natural gas, which is normally released into the atmosphere, thus converting a waste product into a cost-effective and environmentally friendly solution.
Turning stranded gas into sustainable energy through bitcoin mining
The facility is equipped with 1,200 machines designed to monetize gas that would otherwise be flared. This effort is part of a broader movement in Argentina towards sustainable energy practices, especially with the election of bitcoin-supporting President Javier Milei in late 2023, indicating a favorable environment for these types of innovative technologies.
GDA's operation aims to significantly reduce carbon emissions by up to 63%, demonstrating the potential of bitcoin mining to not only generate income but also positively contribute to the environment. Abdumalik Mirakhmedov, founder of GDA, highlighted the dual benefits of this project, stating that it shows how bitcoin mining can be advantageous for the environment and integrate seamlessly into local communities.
Global trends in sustainable bitcoin mining: the YPF Luz and GDA partnership
The association between YPF Light and GDA not only helps reduce emissions but also helps offset costs and promote the sustainability of YPF Luz. This collaboration offers competitive energy prices and helps reduce carbon production, which aligns with Argentina's strategy of leading innovative energy solutions.
This model of using bitcoin mining to address the problem of stranded gas flaring is gaining traction globally. Countries like Bhutan and El Salvador are already harnessing their natural resources, such as hydroelectric and geothermal energy, to support bitcoin mining operations that align with their environmental goals.
Mirakhmedov praised Argentina's rich energy resources and supportive regulatory framework as ideal for its mining facilities. The project between GDA and YPF serves as a model for other nations on how to effectively reduce stranded gas emissions by channeling them into productive use through bitcoin mining.
This initiative reflects a global trend in which nations are exploring ways to “clean up” their energy networks by adopting bitcoin mining technologies that use surplus or wasted energy sources.
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BREAKING NEWS: Argentina to mine twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin using stranded gas with 1,200 bitcoin mining machines – Forbes
– bitcoin Archive (@BTC_Archive) twitter.com/BTC_Archive/status/1788161425355030723?ref_src=twsrc%5Etfw”>May 8, 2024
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