Argentina’s Energy Provider Finalizes a Fresh Bitcoin Mining Agreement

Argentina’s state-run energy provider, Fiscal Petroleum Yacimientos (YPF), has finalized a new deal for Bitcoin mining using associated gas in Patagonia. The agreement involves YPF and its affiliate, YPF Luz, as well as the Norwegian oil and gas supplier Equinor and the Bitcoin mining firm Genesis Digital Assets Limited (GDA). YPF, South America’s third-largest oil producer, will utilize a mining farm called Central Térmica Bajo del Toro in Rincón de los Sauces, Neuquén. The project aims to reduce greenhouse gas emissions, optimize energy use, and monetize associated gas that would otherwise be vented into the atmosphere. GDA sees Argentina as an important country for Bitcoin mining due to its abundant energy sources and business-friendly environment. This marks GDA’s first venture into South America. YPF has been collaborating with crypto mining companies since 2022, while Equinor announced plans for crypto mining operations in North Dakota in 2020. Additionally, Tecpetrol, another Argentina-based oil explorer, has plans for a crypto mining farm in the Vaca Muerta oil field.