Cryptocurrency miners are always looking for new forms of cheap and easy-to-obtain energy sources. YPF Luz, a subsidiary of state-owned YPF in Argentina, has engaged in a pilot project to use flare or residual gas to power bitcoin mining operations.
The project, which has been underway for three months in the large Vaca Muerta oil field, is aimed at using this gas, which would otherwise be burned.
The gas from these oil fields cannot be taken to other sites, so the only way to organize is for interested parties. YPF Luz already has a number of customers who pay for electricity that is generated by generators installed during the oil drilling phase.
Given the nature of the work, the equipment needs to be moved to new locations after the well in which the generator is installed is completed. And there is no problem here because the equipment is designed to be modular and portable and can be quickly moved to other locations.
Other major mining companies have already achieved a presence in Argentina. Bitfarms, for example, recently started operations at a site located in Rio Cuarto.