Argentina Energy Provider Seals New Bitcoin Mining Deal

Argentina’s state-run energy provider, Fiscal Petroleum Yacimientos (YPF), has secured a new Bitcoin mining deal that utilizes associated gas to power 1,200 ASIC mining rigs in Patagonia. The agreement involves YPF, its affiliate YPF Luz, Norwegian oil and gas supplier Equinor, and Bitcoin mining firm Genesis Digital Assets Limited (GDA). YPF, South America’s third-largest oil producer, will use a mining farm named Central Térmica Bajo del Toro in Rincón de los Sauces, Neuquén, to harness the gas for thermal power plants. The move aims to reduce greenhouse gas emissions, optimize energy utilization, and monetize associated gas. This partnership highlights Argentina’s attractiveness for Bitcoin mining due to its abundant energy sources and favorable business environment. GDA, which already operates numerous mining farms worldwide, considers this expansion into South America as a significant milestone. YPF has been collaborating with crypto mining players since 2022, while Equinor and Tecpetrol have also ventured into incorporating crypto mining operations in their respective oil fields.