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YPF works on a pilot project to mine Bitcoin with natural gas in Argentina

Inspenet.

October 7, 2022

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By: Franyi Sarmiento, Ph.D., Inspenet, October 7, 2022

YPF Luz, a subsidiary company of the state oil company YPF, provides electricity to a Bitcoin mining plant. Electricity is generated with the residual or vent gas from the Vaca Muerta oil well, one of the largest reserves in the region.

“This first pilot, which is already operating, operates with 1 MW of generation, and a second project is being developed simultaneously to start operating before the end of the year, of about 8 MW, in the Bajo del Toro area, which also belongs to YPF,” said Martín Mandarano, CEO of YPF Luz, in an interview with Télam.

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This pilot project supplies 1 MW of electricity to a Bitcoin mining plant, operated by an international client. In addition, by the end of the year a second 8 MW generator will be commissioned. The facilities are located on Vaca Muerta land, state news agency Télam reported.

The residual gas that is used arises from the development of a new hydrocarbon project in Vaca Muerta. In this first stage of construction, oil is associated with natural gas that cannot be redirected through a gas pipeline, so it is used to generate electricity. When the well is complete and producing oil and gas, mining equipment will move to a new facility under development.

This material from the cryptonoticias.com portal was edited for clarity, style and length.

Source: https://www.criptonoticias.com/mineria/ypf-argentina-activa-plan-minar-bitcoin-gas-natural/

Photo: ShutterStock