According to reports in the local press of Arhantin, the country's Buenos Aires-based oil company Tecpetrol will start Bitcoin mining.
Accordingly, Tecpetrol will open the first gas-fired cryptocurrency mining facility in Argentina's Los Toldos II Este region.
Stating that it plans to extract at least 35,000 barrels of oil per day at the facility, the company said that it will start cryptocurrency mining to consume this gas due to the lack of infrastructure to consume the gas released during the oil extraction process.
Tecpetrol CEO Ricardo Markous said in his statement:
“We chose to launch cryptocurrency mining operations in the face of our inability to release post-oil gas into the environment.
“At this point, we think that there will be a significant decrease in the amount of natural gas mixed into the atmosphere and their operations will be much more sustainable.”
In the statement made by the company, it said that it plans to start crypto mining between the end of October and the beginning of November.
*This is not investment advice.