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Cryptocurrency News Articles
Genesis Digital Assets Partners with YPF Luz to Establish Green Bitcoin Mining Facility in Argentina
May 08, 2024 at 05:05 pm
Genesis Digital Belongings Restricted (GDA), a leading force in Bitcoin mining, has joined forces with YPF Luz, a subsidiary of Argentina's state-owned energy company, YPF, to establish an innovative Bitcoin mining facility utilizing stranded gas from oil fields. This facility in Neuquén province transforms stranded gas, typically flared into the atmosphere, into a sustainable energy source for Bitcoin mining, reducing carbon emissions while making productive use of a previously wasted resource.
Genesis Digital Assets Partners with YPF Luz to Establish Bitcoin Mining Facility in Argentina, Harnessing Stranded Gas
Buenos Aires, Argentina - Genesis Digital Assets Restricted (GDA), a leading force in the global Bitcoin mining sector, has entered into a strategic partnership with YPF Luz, a subsidiary of Argentina's state-owned energy company YPF. This collaboration has resulted in the establishment of an innovative Bitcoin mining facility that leverages a novel energy resource: stranded gas from oil fields.
Harnessing Stranded Gas for Sustainable Bitcoin Mining
The newly constructed facility, situated in Rincón de Los Sauces within the province of Neuquén, Argentina, ingeniously transforms what would otherwise be considered waste into a potent energy source for the intensive computational processes involved in Bitcoin mining.
Operating with a total power capacity of seven megawatts (MW) and backed by an additional 1 MW of backup power, the facility houses 1,200 state-of-the-art Bitcoin mining machines. Its power source originates from the Bajo del Toro Thermal Energy Plant, jointly managed by YPF, Norwegian energy giant Equinor, and YPF Luz.
The energy fueling this mining operation stems from stranded gas—natural gas released during oil extraction but not captured for commercialization or distribution. Frequently, the economic viability of transporting this gas from remote or marginally productive fields presents challenges.
Stranded gas typically poses a disposal dilemma, often leading to flaring into the atmosphere. This practice significantly contributes to greenhouse gas emissions. The novel approach employed at the new facility not only mitigates this environmental harm but also harnesses the gas to generate electricity, effectively unlocking the productive use of a previously wasted resource.
Environmental Impact and Global Significance
Recent studies, including a working paper from the Massachusetts Institute of Technology (MIT), indicate that repurposing methane through methods akin to those employed by GDA can reduce carbon dioxide equivalent (CO2e) emissions by a substantial margin, ranging from 25% to 63%. This is a critical consideration, as methane is a potent greenhouse gas responsible for approximately one-third of current global warming.
Abdumalik Mirakhmedov, Executive President and Founder of GDA, underscored the project's environmental and operational benefits in a statement:
"The opening of our first data center in South America is a crucial step in our geographic diversification efforts. This venture represents another opportunity to demonstrate to the world that Bitcoin mining can have a positive impact on the environment and can be fully integrated into local communities."
Strategic Implications for Argentina and Beyond
Argentina presents a unique landscape for such endeavors due to its abundant energy resources, favorable political climate, and a strong crypto ethos among its population. The nation has grappled with high inflation rates, which has fostered increased reliance on cryptocurrencies as a hedge against economic instability.
Martín Mandarano, CEO of YPF Luz, emphasized the project's strategic alignment with Argentina's energy policies:
"This project with GDA allows us to provide YPF and Equinor, two companies committed to reducing the carbon footprint of their exploration activities, with an adaptable and sustainable flare gas use solution," Mandarano stated. He further highlighted YPF Luz's pioneering role in generating electricity for cryptocurrency mining from flare gas in 2022, positioning the company as a frontrunner in innovative energy solutions.
Global Expansion and Industry Leadership
The project marks a significant milestone in GDA's growth trajectory. The company currently operates 20 industrial-scale data centers across North America, South America, Europe, and Central Asia, further solidifying its position as a major player in the Bitcoin mining industry. With a total power capacity exceeding 500 MW globally, GDA continues to champion innovation in integrating renewable and waste-derived energy sources into the BTC mining sector.
Market Outlook
At the time of publication, the price of BTC stood at $62,406. The BTC price has encountered resistance at the mid-range point of $61,500, indicating a potential consolidation phase before a definitive market direction emerges.
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