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https://www.benzinga.com/markets/cryptocurrency/22/10/29138455/argentinas-energy-company-mines-bitcoin-using-residual-gas (https://www.benzinga.com/markets/cryptocurrency/22/10/29138455/argentinas-energy-company-mines-bitcoin-using-residual-gas)
Argentina's Energy Company Mines Bitcoin Using Residual Gas

• Argentina's power company comes up with a novel way to mine Bitcoin.
• An initiative to power Bitcoin mining using residual gas is being tested in Vaca Muerta oil field.

Four months ago ME countries started Bitcoin mining:
https://www.coindesk.com/business/2022/06/03/middle-east-oil-producers-move-into-bitcoin-mining-with-crusoe-energy-stakes/ (https://www.coindesk.com/business/2022/06/03/middle-east-oil-producers-move-into-bitcoin-mining-with-crusoe-energy-stakes/)

Crusoe Energy, the privately held U.S. company that pioneered bitcoin (BTC) mining by using wasted natural gas as a power source, is expanding in the Middle Eastern region with investments from Mubadala – the sovereign wealth fund (SWF) of Abu Dhabi – and the Oman Investment Authority (OIA).


Did you know this?  ::)



EDIT:

Who knows when this chart will take off? Maybe some know more  ::)

Weird/Nice that it's a "novel" way when this forum alone's actually been the source of so much related suggestions (think I've posted at least twice as well even on commerce-level natural gas generators) -- my state's been flaring so much over past 3 decades and am sure it's the same in most oil producing country like Argentina.

Piping isn't ready or in plans in most of SEA too.

It's all going to waste as it is.

The use of energy that could have gone to waste has been discussed for a long time now...and it is good to see it is now being picked up by companies doing business in the oil generation industry. Soon, we might be hearing the dictator and evil Putin ordering that wasted gas within his country be used for Bitcoin mining. The idea is actually good as we are talking here of energy that will surely be released to the environment...though of course am not sure how rigid environmentalists can be viewing this whole thing but for me this is definitely a lot better. Hope more and more can looking at this plausible idea.

Finally, Argentina uses energy for something useful. Maybe they will use that money to upgrade the economy and get out of this crisis.

BTC helping states since 2009

If state-owned energy company started to mine Bitcoin, it is a good change that Bitcoin mining and crypto industry will become legal tender in Argentina. It won't happen after one day but this adoption is a big change and it is a start of a journey towards legal tender in the nation.

More governments accept Bitcoin will make it more legit in eyes of the crowd. More companies will accept Bitcoin then more people will consider as non scam asset to invest in. It will be a massive future for early Bitcoin adopters. Even if you joined Bitcoin market since 2020, you did joined earlier than others and if you can hold your Bitcoin, you will be rich in next few halvings.

I believe it has always been about the Government of the day in each country. How come people out here can see all the possible ways to use the extra energy that goes to the waist and those governments can't?
As buwaytress mentioned here:
My country has been flaring Gas for that long too but only if these countries had a government that could see how that energy could have been channeled to Mining BTC for the betterment of their economy but maybe, they are just transfixed to the sector they already know and don't want to explore the new option of generating Income.
I hope this event coming out of Argentina will be a good example for other governments to follow in regard to gas flaring.
 

I think it's more of a basic underlying need for development. I'd rather we develop gas piping in my state and share it with other countries on our island (3 countries on my huge island). Or make it more efficient and cheaper for people to use that, with the development of natural gas generators in favour of more expensive, more dirty, diesel.

It's just a lack of political will, and more profitable to flare it all off.

If you provided cheap (clean too) energy to people, they'd be doing a lot more commerce, mining would even be an extra revenue generating, which is extremely useful to have in bleak economy outlooks (which we've had since Covid).

So yes, Bitcoin mining, but it is a bigger, far bigger issue.

By all means this is a good initiative but they must keep it going on till they make it mega project and become global aspiration in the field of energy management and use case of natural energy resources. I don’t know, but someone did suggested in the past that future generation would be the one sending out solar probes and satellite around the sun, get the energy transferred to earth and use it.

Lolz.

I believe as compared to that Argentina is doing far far better. It’s all about level of comparison.

We need this example, so that other governments can learn from them. Good luck for them and others who may develop higher models to consume such energy.

It's not a news to cheer about! A state owned company mining bitcoin should not be supported by anyone. If their pilot is successful then you can easily expect multiple other organisations to invest in their own mining facilities. Many private companies can initiate the same. It will effectively centralize the network.

Corporates participating into mining or crypto ecosystem is a threat to decentralised network.

It's true that government involvement in mining would definitely affect the decentralization benefit of Bitcoin. But in this case, the government's own company is not mining bitcoin they are only providing electric power to miners that would relocate close to the drilling location. For me, it is a very welcomed development because it is harmful waste that is converted to power to facilitate mining. It is a win-win situation for both the government and Bitcoin miners.

The government of Argentina should be commended because while other governments are busy cooking up excuses and reasons for banning or restricting Bitcoin mining, this government is devising innovative an alternative. if this pilot stage becomes successful it would attract a lot of miners to Argentina and this would increase the revenue of government. This operation would also help to spread the goodness of Bitcoin to more people in Argentina.

So much energy has been wasted due to a lot of factors. One of which is the lack of efficient storage facility. Wind plants and solar plants have been releasing excess energy. Oil farms are also disposing methane into the air by flaring them. Some are flaring gas simply to lower down pressure. In which case, energy is generated, unused, and wasted. Bitcoin mining has been increasingly recognized as a viable option to make use of these energy wastage. Not only does it stop energy wasting, it also generates further revenue.

I don't believe it, mining will be used as an alternative for money or for injection into the economy. The government does not accept cryptocurrencies at this time

The fact that I do not accept them does not mean that they are forbidden.

ARGENTINA AND CRYPTOCURRENCY (https://freemanlaw.com/cryptocurrency/argentina/)

Having carefully read the news and others I have found on the web, I have to say that the headline of the thread is a bit of clickbait.

Mining cryptocurrencies is a project that is quite well thought out because it will be done with gas that would otherwise be wasted, but to date it is only a project of which they have only been testing a pilot of 1 megawatt in the last three months.

Everything indicates that the test has gone well, and that they are going to expand the mining, but at the moment they are basically testing.