Genesis Digital Assets Limited (GDA), one of the world's largest Bitcoin mining companies, is expanding its operations in Argentina. The company announced a major agreement with YPF Luz, a subsidiary of Argentina's largest electricity company YPF, to open a new Bitcoin mining facility that will now operate using natural gas.
The operation will be carried out at the Bajo del Toro Thermal Power Plant operated by YPF Luz. It will power 1,200 Bitcoin mining machines to make money from waste gas that would otherwise escape into the atmosphere.
For the first time, the company opened a mining operation in Latin America, specifically in Rincón de Los Sauces in Neuquén Province, with a total capacity of 7 MW and a reserve of 1 MW.
“Although we have been considering expanding to Argentina for years, the political and pro-innovation climate that the country fosters for cryptocurrencies, and Bitcoin in particular, has never been as strong as it is today,” GDA CEO Abdumalik Mirakhmedov said and added:
“There is also a large percentage of the population in Argentina that already uses cryptocurrencies and stablecoins to hedge against high inflation. Ultimately, crypto is a solution to these problems, and we are seeing this fact recognized by countries in Central and South America.”
Argentina's Bitcoin and crypto industry has been bustling since Javier Milei came to power in late 2023. As the public sector seeks to regulate activity to further align with Financial Action Task Force recommendations and International Monetary Fund requirements, companies, startups and users are looking for ways to sustain increased adoption.
*This is not investment advice.