A Buenos Aires-headquartered oil company, Tecpetrol, has decided to convert excessive gas into energy for cryptocurrency mining.by local media on Sept. 24, Tecpetrol will launch its first gas-powered crypto mining facility in the Los Toldos 2 Este region, located north of Vaca Muerta in the Argentine Patagonia. The company claims its approach would allow it to advance its crude oil production project and optimize gas utilization, thereby reducing waste.
“Given our inability to release the gas into the environment, we have opted to implement cryptocurrency mining operations." Tecpetrol hopes to commence the crypto mining between late October and early November. The primary goals are to reduce environmental impact by avoiding gas emissions and to generate some additional profits. The company has already signed contracts and is collaborating with an unnamed firm that has experience implementing similar strategies in the United States.
A recent paper published by the Institute of Risk Management , states that Bitcoin mining can reduce global emissions by up to 8% by 2030 by converting the world’s . The report cited a theoretical case saying that using captured methane to power Bitcoin mining operations can reduce the amount of methane vented into the atmosphere.