Texas-based Bitcoin miner Giga Energy has extended its operations into Argentina, leveraging wasted energy from natural gas flaring in the country’s oil fields. Co-founder Brent Whitehead hailed the expansion as a significant milestone, aligning with the firm’s vision to mitigate flaring globally.
Giga Energy converts methane released from gas flaring into electricity to power its Bitcoin mining rigs. The expansion involves placing Bitcoin miners on oil wells, diverting excess gas into generators, and utilizing the energy for mining operations.
Giga’s mining site in Argentina’s Mendoza province has been in a test phase since December, already yielding between $200,000 and $250,000 worth of Bitcoin. However, full-scale operation awaits the import of necessary equipment, delaying profitability.
The initiative not only reduces methane emissions but also leverages partnerships with Exa Tech for on-site operations and Phoenix Global Resources for gas supply. Giga’s approach aligns with reducing global methane emissions through sustainable Bitcoin mining practices.
As the Bitcoin halving event approaches, slated for around April 20, mining firms anticipate adjustments in global hashrate distribution. With the reward for miners halving, countries with cheaper electricity rates like Argentina and Paraguay become more attractive for mining operations.
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