Argentine Patagonia will be a cryptocurrency mining center

The oil company Tecpetrol announced a project in Argentine Patagonia that involves the use of gas extracted in oil production for the mining of digital currencies

The company Tecpetrol is looking for a use for the gas derived from oil extraction in Argentine Patagonia. Cryptocurrency mining is an option.

This was announced by the company recently, stating that the project will be developed in the region of Los Toldos 2 Este, north of Vaca Muerta.

“This strategy addresses the need to provide a destination for unused gas and the search for a solution for oil production in areas without infrastructure,” Tecpetrol stated.

According to the company’s CEO, Ricardo Markous, the plans are to “reach a production plateau of at least 35,000 barrels per day in this isolated area that lacks production treatment and evacuation facilities.”

The lack of infrastructure has led to the search for practical alternatives, and cryptocurrency mining was proposed as a strategic solution.

“The interesting thing about our proposal is that, for the two new wells we are developing, we plan to install a pipeline connected to the other three wells. Since we cannot release the gas into the environment, we chose to implement cryptocurrency mining operations,” stated Markous.

Work is scheduled to begin between the end of October and the beginning of November, with the focus on the least environmental impact “by avoiding the release of gas”, as well as generating profits through crypto mining, “providing an incentive additional to this multifaceted strategy.”


Source: cointelegraph

(Reference image source: Unsplash, in collaboration with Getty Images)

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