Genesis Digital Assets expands Bitcoin mining operations in Argentina with the opening of a new center that will leverage the gas flaring phenomenon.
On May 7th, Genesis Digital Assets (GDA), a company operating in the mining industry since 2013, announced plans for a new mining operation center in Argentina, utilizing energy derived from gas flaring.
The new facility, located in Rincón de Los Sauces, in the province of Neuquén, will be powered by YPF Luz, the main electricity generation company in Argentina.
Gas flaring involves burning natural gas (mostly methane) extracted alongside oil, which is a more polluting waste material than CO2. Burning methane generates CO2, making it less polluting. With a facility boasting a total capacity of 7 MW and 1 MW backup, GDA, instead of burning methane and letting the flame flare into the atmosphere, directs the methane into a generator, burns it inside, and thus generates electricity to power mining operations.
Abdumalik Mirakhmedov, the company’s CEO, stated:
“This will be yet another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities.”
Given its abundance of energy resources, Argentina is a favorable country for Bitcoin mining. Previously, Giga Energy, a company based in Texas, announced its expansion into Argentina to utilize energy derived from gas flaring.
