Argentinian oil producer Tecpetrol has announced plans to mine environmentally friendly crypto using natural gas from oil fields. Tecpetrol plans to start these mining operations with natural gas from oil fields near Vaca Muerta. The company, which is a major player in Argentina and other Latin American countries, is addressing environmental concerns about how the gas will be used to power mining equipment.
Crypto mining plan with natural gas
Ricardo Markous, the company’s chief executive, announced that they will use gas from six field wells in their mining operations. These wells produce approximately 60,000 cubic meters of natural gas per day. However, Tecpetrol has not yet announced which cryptocurrencies it plans to mine.
#Argentina: Tecpetrol minará #criptomonedas en Vaca Muerta para evitar el venteo de gas.https://t.co/nQYnzJrxUK
— Pedro Viloria (@AbogadoViloria) September 26, 2023
Green mining with strategic cooperation
Tecpetrol has formed a strategic partnership with an experienced firm that provides similar services to US-based companies. This collaboration will help the company seamlessly integrate its crypto mining operations with its existing infrastructure. Additionally, the company highlighted the environmental benefits of this initiative, pointing to a reduction in the practice of gas flaring, which is often common in remote oil fields where natural gas cannot be transported.
They were inspired by Russia in crypto mining
This initiative by Tecpetrol follows similar pioneering efforts by Russian oil firms earlier this decade. Tecpetrol sells some of the gas it extracts to Chevron, but it has reached its sales limit. Therefore, he sees an alternative approach to using natural gas for crypto mining.
Scandalous developments in crypto miners from Russia
Today, a 42-year-old Moscow resident in Russia’s Yaroslavl Region was charged with crypto fraud. This person committed fraud with cryptocurrency worth 5 million rubles (approximately $51,000) between 2017 and 2022. Police stated that the criminal used free posting platforms with fake advertisements. Advertisements often claimed to sell crypto mining equipment. Victims paid into the crypto wallet.
Previously, a crypto scam was revealed in which a Russian actor lost $250,000. The total damage from the events in Kazan, Yaroslavl and Voronezh exceeded 5.2 million rubles. The criminal had previously been convicted of fraud.
Equipment worth 22 million rubles was reportedly stolen from a mining hotel in Chelyabinsk. Russia’s crypto mining industry continues to grow despite various challenges. Russia is ideal for mining thanks to its cheap energy and cold climate. After China banned Bitcoin mining in 2021, Russia gained a large share of the market.
Russia is among the first choices of miners
Russia is an attractive destination for miners with its cheap energy and cold climate. After China banned Bitcoin mining in 2021, Russia gained a significant share in the mining market. This growth continues, especially during this period when the war in Ukraine continues. As Kriptokoin.com, we have included a current investment news from the mining company Core Scientific in this article.
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