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Oil Company in Argentina to Mine Bitcoin Using Excess Gas

Author

Jonathan Gibson

Tags

Reading time

2 mins
Last update

Author

Jonathan Gibson

Tags

Category

News - Archive

Reading time

2 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

2 mins
Last update

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The oil company Tecpetrol in Argentina announced that it has partnered with an American firm to start mining Bitcoin (BTC) using excess energy. According to local reports, the company is expecting to use 60.000,00 cubic meters a day to mine BTC and go ahead with a new oil mining project. 

Oil Company in Argentina to Mine Bitcoin with Excess Gas

In order to start with a new oil mining project, Tecpetrol will start to mine Bitcoin using the excess gas produced. Thanks to an American company that is already working in this field, it will be possible for Tecpetrol to mine Bitcoin in their installation in the South of Argentina. 

“On the one hand, we take care of the environment to prevent gas venting and also to mine cryptocurrencies, while also taking advantage of oil production,” stated Ricardo Markous, the CEO of the company. “We’ve already closed the contract, the team is hired, and the company is coming.” 

It has been many times said that Bitcoin mining activities have a negative impact on the environment. However, there have been few reports outside the crypto industry on how Bitcoin mining could help energy companies use excess energy to produce BTC, generate earnings and even enhance the grid.

In the future, this project could be followed by other energy companies that would like to implement similar Bitcoin mining strategies. It is worth mentioning that at the time of writing this article, Bitcoin is being traded at around $26,200 per coin.