Bittime - Giga Energy, a Bitcoin mining company based in Texas, has expanded its operations to Argentina as part of an effort to harness wasted energy from burning natural gas in oil fields in South America.
Giga co-founder Brent Whitehead described the expansion move as an important milestone for the company in a post on LinkedIn on March 26.
Turning Gas Burning Into Bitcoin Mining Energy
Gas flaring is the practice of burning natural gas that occurs during the oil extraction process. Giga Energy uses the wasted gas to generate electricity, which is then used to power Bitcoin mining rigs.
This expansion involves placing large shipping containers with thousands of Bitcoin miners on top of oil wells. Excess gas from the well is directed to generators to produce energy, which is then used to operate Bitcoin mining rigs.
According to a CNBC report on March 26, Argentina's Giga mining site, located in Mendoza province, has been in the testing phase since December. During that period, Giga managed to mine between $200,000 and $250,000 worth of Bitcoin.
However, despite having started Bitcoin mining operations in Argentina, Giga is still waiting for the import of additional equipment before it can fully scale its operations. Until then, the company does not expect to make a profit.
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Environmental Efforts and Industry Collaboration
Giga's expansion steps are also expected to help reduce methane emissions and increase efficiency in the use of energy resources.
To support its operations in Argentina, Giga collaborates with IT services company Exa Tech, while gas supplies are obtained from oil and gas company Phoenix Global Resources.
Giga Energy first launched Bitcoin mining operations in 2019 and currently has 150 megawatt capacity containers at its facilities in Texas and Shanghai.
This expansion move comes ahead of the upcoming Bitcoin halving event, which is scheduled for around April 20. This is expected to trigger a shift in global hashrate to countries with cheaper electricity rates, such as Argentina and Paraguay, according to Bitcoin mining industry experts.
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Plan and Anticipate
Although operations are still in the testing and adjustment phase, Giga has set ambitious plans. The company hopes to import all the necessary equipment to increase the scale of their operations.
This move comes at a time when the Bitcoin mining industry is preparing for the upcoming Bitcoin halving event , which will reduce Bitcoin rewards for miners.
With a potential shift in global hashrate anticipated, Argentina is emerging as one of the promising destinations for Bitcoin mining in South America.
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