Texas Bitcoin Miners Move to Argentina To Use Its 'Wasted Energy Resources' Amid Bitcoin's Recent Price Surge

By Thea Felicity

Mar 26, 2024 12:13 PM EDT

A bitcoin mining site powered by gas, otherwise lost, from an oil well, near Linden, Texas, April 4, 2022. - What to do with the gas that emanates from oil wells too isolated to be connected to pipelines? Until now, methane gas has been flared or released into the atmosphere, creating pollution and greenhouse gases. Now, a young American company is proposing to transform it into electricity on site in order to extract bitcoins.
(Photo : Photo by FRANCOIS PICARD/AFP via Getty Images)

Houston-based Giga Energy, in collaboration with Exa Tech and Phoenix Global Resources, is venturing into bitcoin mining in Argentina's Mendoza province. While in Argentina, CNBC reports that the bitcoin miners will use wasted energy from the region's shale gas reserves amidst the peso's volatile state.

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Why Texan Bitcoin Miners Are Tapping Into Argentina's Gas Reserves

These Texan bitcoin miners are expanding their operations to Argentina's plentiful shale gas reserves to power their bitcoin mining activities. This move represents their first venture outside the United States and Shanghai, signaling their international expansion.

This initiative seeks to turn wasted natural gas, typically burned off, into electricity for running Bitcoin mining computers. By doing so, the project aims to help reduce global methane emissions and turn unused energy into a valuable resource.

Bitcoin mining operations have become more profitable amid Bitcoin's recent price surge and favorable market conditions, as reported by VCPost. Therefore, they are drawing increased interest from both investors and miners.

Interestingly, Argentina's embrace of cryptocurrencies like Bitcoin persists despite economic difficulties, fueled by the population's quest for financial security amidst high inflation and currency devaluation.

However, investors are cautioned against diving into such ventures due to the unpredictable nature of Bitcoin price surges. Recent data from VCPost indicates that Bitcoin fell behind Cocoa prices on Monday.

READ MORE: Is The Rally Over? Bitcoin Crashes Overnight, Hits $67,000 from $72,000 High

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