YPF is now providing electricity for a 1-megawatt operation and has plans to begin a second, eight times bigger project by the end of the year.
YPF, Argentina’s state-owned energy provider said on Sunday that it is delivering electricity to an unknown multinational crypto mining business. YPF Luz, the renewable energy division of YPF began a 1 megawatt (MW) experimental operation that generates electricity from waste gas left over from oil production three months ago, YPF Luz CEO Martn Mandarano told the national news agency Télam.
The project is situated in Vaca Muerta, a region in southern Argentina famed for its shale oil and gas potential.
Mandarano said that the business intends to launch a second pilot, this one 8MW in size, by the end of the year.
“We began developing this generation’s pilot for cryptocurrency mining with a concept of sustainability and profit from flaring natural gas, which cannot be captured during oil field development and early production,” Mandarano said.
Crusoe Energy, a privately owned American firm that pioneered bitcoin (BTC) mining by using waste natural gas as a power source stated in June that it was expanding to Oman and Abu Dhabi after getting funding from the sovereign wealth funds of these two nations.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.