New Bitcoin mining farm is installed in Vaca Muerta, Argentina.
It was announced by one of the founders of Unblock Computos, the company in charge of the project.
The methane gas produced by extracting oil from the Vaca Muerta reserve, in Argentine Patagonia, is beginning to have concrete use cases. Bitcoin mining is already on that list twice, first with a public-private venture and now with a new initiative led by several companies.
TomĂĄs Ocampo, founder of Unblock Computos, announced on the social network Gas flare is the process of burning unwanted gases that are released during oil and gas production.
The Unblock Bitcoin mining farm is located in the Vaca Muerta sedimentary formation, located mainly in the province of NeuquĂ©n, although it also covers the territory of Mendoza, RĂo Negro and La Pampa. It is one of the most important oil reserves in the world, with an area of ââ30,000 square kilometers.
Oil and gas are produced in Vaca Muerta. However, until recently the residual methane gas from the extraction process did not have a clear use, but was burned by flaring. To remedy this situation, a shared project emerged in 2022 between the state company YPF Luz and an international company â which one exactly was never known. They tested mining Bitcoin from that available, unused energy.
Why is this good for the environment?
Gas flare-based Bitcoin mining has two big benefits. On the one hand, it allows the generation of a good (bitcoins) from energy that would otherwise be wasted. On the other hand, it prevents the release of substances that are extremely harmful to the environment, such as those from gas burning.
When natural gas associated with oil is extracted during drilling, it is often burned directly rather than being captured and used.
