Key Takeaways
- State-owned YPF Luz partners with Genesis Digital Assets to mine Bitcoin using stranded gas.
- GDA estimates the facility could reduce emissions by up to 63%.
- Argentina leverages Bitcoin-friendly policies and abundant energy resources.
Argentina’s state-owned energy firm, YPF Luz, has partnered with Genesis Digital Assets (GDA) to establish a gas flare-powered Bitcoin mining facility.
The operation will utilize stranded gas to power 1,200 mining machines, reducing waste and monetizing a byproduct that would otherwise be burned.
Bitcoin-friendly president fuels expansion
Argentina’s embrace of Bitcoin continues following the 2023 election of pro-Bitcoin President Javier Milei.
The new facility aligns with national priorities to reduce emissions and monetize wasted energy while providing GDA with competitive energy costs.
Environmental and economic benefits
GDA founder Abdumalik Mirakhmedov believes this facility exemplifies Bitcoin mining’s positive environmental impact, stating:
This will be yet another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities.
The facility could cut up to 63% of emissions from flared gas, offering both environmental and economic benefits.
Global trend in sustainable Bitcoin mining
Similar projects have been launched worldwide, like Bhutan using hydropower and El Salvador utilizing geothermal energy.
