Houston-based Giga Energy, in collaboration with Exa Tech and Phoenix Global Resources, is venturing into bitcoin mining in Argentina's Mendoza province. While in Argentina, CNBC reports that the bitcoin miners will use wasted energy from the region's shale gas reserves amidst the peso's volatile state.
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Why Texan Bitcoin Miners Are Tapping Into Argentina's Gas Reserves
These Texan bitcoin miners are expanding their operations to Argentina's plentiful shale gas reserves to power their bitcoin mining activities. This move represents their first venture outside the United States and Shanghai, signaling their international expansion.
This initiative seeks to turn wasted natural gas, typically burned off, into electricity for running Bitcoin mining computers. By doing so, the project aims to help reduce global methane emissions and turn unused energy into a valuable resource.
Bitcoin mining operations have become more profitable amid Bitcoin's recent price surge and favorable market conditions, as reported by VCPost. Therefore, they are drawing increased interest from both investors and miners.
Interestingly, Argentina's embrace of cryptocurrencies like Bitcoin persists despite economic difficulties, fueled by the population's quest for financial security amidst high inflation and currency devaluation.
However, investors are cautioned against diving into such ventures due to the unpredictable nature of Bitcoin price surges. Recent data from VCPost indicates that Bitcoin fell behind Cocoa prices on Monday.
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