Mar 27, 2024 at 12:11Giga Energy, a leading Bitcoin mining company based in Texas, has extended its operations into Argentina, leveraging wasted energy from natural gas flaring in the country’s oil fields.
According to Brent Whitehead, co-founder of Giga Energy, this expansion marks a significant milestone for the company and aligns with its global vision to reduce flaring.
Gas flaring, a common practice in oil extraction, releases methane, which Giga Energy converts into electricity to power Bitcoin mining rigs.
The expansion involves placing Bitcoin mining equipment on top of oil wells, diverting excess gas into generators to power the rigs, as reported by CNBC.
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Operating in the province of Mendoza, Giga’s Argentina mining site has been in a testing phase since December, already yielding between $200,000 and $250,000 worth of Bitcoin, according to co-founder Matt Lohstroh.
Although awaiting the import of necessary equipment for full-scale operations, Giga anticipates contributing to reducing methane emissions while mining Bitcoin.
Exa Tech, an IT services company, will assist Giga with onsite operations, while Phoenix Global Resources will supply the gas required for mining.
Since its inception in 2019, Giga Energy has installed 150 megawatts worth of containers in facilities in Texas and Shanghai.
This expansion coincides with the impending Bitcoin halving event, anticipated to occur around April 20, which may prompt a global shift in hashrate to countries with lower electricity costs, such as Argentina and Paraguay, according to industry experts.
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