Argentinian Oil Firm Will Start Using Leftover Gas Emissions To Mine Crypto
Crypto News

Argentinian Oil Firm Will Start Using Leftover Gas Emissions To Mine Crypto

1m
Created 1yr ago, last updated 1yr ago

Buenos Aires-based oil company Tecpetrol has unveiled plans to convert surplus natural gas into electricity to power cryptocurrency mining.

Argentinian Oil Firm Will Start Using Leftover Gas Emissions To Mine Crypto

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.

Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
1 person liked this article