Argentine Energy Company YPF Luz Moves Into Crypto Mining
YPF Luz is Argentina’s state-owned energy company. In recent news in the country, it’s turning its purpose to crypto mining.
From supplying pure energy for daily use, they’re now taking it to supply power to a crypto mining company. But they didn’t disclose the name of the company yet.
According to CEO Martin Mandarano, they’re going to do it in a gradual way. For every leftover gas from oil production, they will get 1 megawatt (MW) of energy for the company. Soon enough, YPF Luz can give a full supply to the crypto mining company.
Now, the project takes place in southern Argentina.
The energy company is state-owned
Note that YPF Luz is state-owned. This means that the Argentine government must’ve given the permission and resources. And there’s also a mention of opening another supply for the company soon. In numbers, they want to put 8 MW of power to the company.
But how do they reconcile energy usage and crypto? Well, they did it through a sustainable vision. They want to use wasted natural gas as the power source for Bitcoin (BTC) mining. So, they don’t actually waste anything but gain Bitcoins.
Crypto mining as the future
Mandarano says Argentina takes inspiration from Oman and Abu Dhabi. These countries have a lot of wasted natural gas and crypto miners. So, why not connect the two and earn more as a nation?
Crypto mining is on a boom. Not only private companies, but countries are going into it. If it’s so bad, why is YPF able to make it sustainable? This is only the beginning of what will be a lucrative field in the future.
Of course, there should be regulation coming. But for Argentina, a country that welcomes crypto and crypto mining well, it might not be so hard.
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