YPF Explores Bitcoin Mining Using Gas Surpluses in Argentina

The state-owned oil company YPF, in collaboration with Norwegian company Equinor, has launched a project to power a Bitcoin mining farm in Argentina.

Bitcoin mining, leveraging gas surpluses, is gaining popularity in Argentina. Recently, a farm was established with over a thousand ASIC miners using the residual gases from YPF's oil operations in Patagonia to generate revenue.

This facility, called Central Térmica Bajo del Toro and located in Rincón de los Sauces, Neuquén, houses 1,200 ASIC units. It emerged from a collaboration between YPF, YPF Luz, and Norwegian company Equinor, along with Genesis Digital Assets Limited (GDA), which specializes in Bitcoin mining.

YPF (Yacimientos Petrolíferos Fiscales), which was renationalized by the Argentine government in 2012, has established itself as one of the leading energy companies in the country and is the third largest oil company in South America. It is involved in the exploration, production, refining, transportation, and sale of oil, natural gas, and electricity.

The total capacity of the thermal plant is 8 MW, and it is promoted as a measure to reduce greenhouse gas emissions, optimize energy use, and capitalize on gas surpluses that would otherwise have been released into the atmosphere, according to a statement from YPF.

It is highlighted that this gas is reused to generate electricity for Bitcoin mining, an industry that demands large amounts of energy, but without compromising the availability of the national power grid and offering a sustainable alternative.

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