Buenos Aires-based oil company Tecpetrol has unveiled plans to convert surplus natural gas into electricity to power cryptocurrency mining.
Argentine Oil Company To Start Using Leftover Gas Emissions For Cryptocurrency Mining
Buenos Aires-based oil company Tecpetrol has unveiled plans to convert surplus natural gas into electricity to power cryptocurrency mining.
In a project set for rollout in late October at its Los Toldos II Este oil facility in Patagonia, Tecpetrol will tap excess gas emitted during its oil drilling operations, which produces 35,000 barrels daily but lacks infrastructure to utilize the associated natural gas.
The company aims to reduce environmental impacts and generate additional revenue by avoiding gas venting. Tecpetrol CEO Ricardo Markous explained the decision was made because the gas could not be safely released.
It has contracted an unnamed partner experienced in similar US projects to implement the crypto mining operation. The move comes as research suggests Bitcoin mining powered by captured methane emissions could slash global methane releases, and in turn greenhouse gasses, by up to 8% by 2030.
This comes as Texas emerged as the number one state in the U.S. for Bitcoin mining, largely driven by incentives provided by regulators and grid operators to power down during high demand. However, when demand is low, Bitcoin miners will soak up the excess supply, keeping energy prices from fluctuating excessively.
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