Texas-based crypto mining firm Giga Energy has expanded its operations to Argentina following its expansion across the U.S. and into Shanghai, tapping into the gas flaring trend.
Giga Energy has been building and operating in-house mining operations since 2019, with 150 megawatt containers deployed all over the world.
The crypto mining company has partnered with oil and gas company Phoenix Global Resources and with Exa Tech to launch a two megawatt Bitcoin mine on top of Vaca Muerta in Argentina. Gina Energy’s expansion plans were first reported by CNBC.
“We’re thrilled to announce Giga’s expansion into Argentina, a significant milestone in our journey. This move not only broadens our operational landscape but also aligns with our vision to mitigate flaring globally,” said Giga Energy co-founder Brent Whitehead in a social media post.
“We are excited about the opportunities this new chapter will bring and look forward to making a positive impact in Argentina,” adds Whitehead.
Bitcoin mining can be a controversial process which is well known to have a negative impact on the environment.
Giga Energy takes flared natural gas and turns it into electricity to run the Bitcoin mines. The firm places a shipping container full of thousands of Bitcoin miners on an oil well, then the firm diverts the natural gas into generators, which then converts the gas into electricity that’s used to power the crypto miners.
Flared Gas Crypto Mining in Argentina
In December, Unblock Global co-founder Tomas Ocampo announced via social media the firm had raised $15 million to use “flare gas” from Argentina’s biggest gas field Vaca Muerta. Flared gas mining involves transforming excessive natural gas into energy to mine cryptocurrency.
Ya somos el 2do minero con gas de flare del mundo! @UnblockComputos
Con una inversión de más de $15M en Argentina, junto a @CrusoeEnergy @PampaEnergia y @Petrocuyo hacemos que $200M de petróleo de Vaca Muerta se produzcan con menos emisiones @PluspetrolARG @Tecpetrol pic.twitter.com/zHS5dqm9YG
— Tomas Ocampo (@tomasoc) December 13, 2023
Bitcoin Bull Market Triggers More Mining Spend
The recent bull market in the cryptocurrency space is triggering increase in capital spend and firms announcing expansion plans.
Bitcoin reached record highs exceeding $72,000, and many firms are looking to capitalize on the surge. For instance, MicroStrategy and Coinbase opted for convertible note issuance. Meanwhile, Marathon Digital pursued acquisitions as part of its growth strategy, reports Shalini Nagarajan from Cryptonews.
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