Argentina: they want to mine cryptocurrencies with the energy produced in Vaca Muerta

Economic, Uncategorized

Inspenet, November 4, 2023.

New proposal to mine cryptocurrencies

In the meeting held at the Federal Investment Council (CFI) with the nineteen governors of the different regions and the presidential candidate of Unión por la Patria, Sergio Massa, the Minister of Economy raised a proposal that links Vaca Muerta and cryptocurrencies.

We are convinced that Sergio Massa is the president we need to achieve macroeconomic stability, growth and development of our economy with more industrial production and quality jobs to achieve better salaries and a fair distribution of wealth.“, indicated the governors in a statement released after the meeting.

After the meeting, Massa proposed the notion of starting cryptocurrency mining in Vaca Muerta. The Minister of Economy’s suggestion is based on the idea of ​​taking advantage of the residual gas that is produced as a by-product in oil extraction and using it in cryptocurrency mining. This proposal represents progress in the transition towards cleaner and more sustainable energy, which constitutes a global challenge.

Massa emphasizes in his proposals the possibility of generating foreign currency through the synergy between the energy and technology sectors. With this new initiative, it seeks to establish a link between both areas.

Massa’s conception is based on the recognition of the challenges faced by the technological revolution and the labor market in the 21st century, recognizing the need to adjust the labor framework to the current reality.

During his speech at the Federal Investment Council, Massa defended the natural resources of the provinces and expressed his disagreement with those who advocate the privatization of Vaca Muerta.

In any case, what we have to see is how we build more value, the discussion around a central issue of how, based on gas venting, we can build crypto mining in the Vaca Muerta area,” Massa explained.

Cryptocurrency mining requires extensive computer processing power and consumes considerable amounts of energy. In this context, Massa seeks to take advantage of the abundant source of energy that Vaca Muerta represents in Argentina to boost this industry.

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