You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Texas Crypto Mining Firm Giga Energy Expands Operations to Argentina

Texas-headquartered cryptocurrency mining company Giga Energy has extended its reach to Argentina, marking a significant step after its expansion across the U.S. and Shanghai, capitalizing on the rising trend of gas flaring.

Since 2019, Giga Energy has been constructing and managing in-house mining facilities worldwide, boasting 150-megawatt containers in operation.

In collaboration with oil and gas firm Phoenix Global Resources and Exa Tech, Giga Energy has launched a two-megawatt Bitcoin mining operation atop Vaca Muerta in Argentina. CNBC initially reported Giga Energy’s expansion plans.

Brent Whitehead, co-founder of Giga Energy, expressed enthusiasm about the expansion, stating, “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,” in a social media post.

Whitehead further remarked, “We are excited about the opportunities this new chapter will bring and look forward to making a positive impact in Argentina.”

Bitcoin mining is widely recognized as a controversial process due to its environmental implications.

Giga Energy, however, adopts a unique approach to mitigate this impact by repurposing flared natural gas to generate electricity for its Bitcoin mining operations. The company utilizes shipping containers housing thousands of Bitcoin miners, strategically positioned atop oil wells. By diverting the natural gas from these wells into generators, Giga Energy effectively converts it into electricity, which powers the crypto mining rigs. This innovative process not only addresses environmental concerns associated with traditional Bitcoin mining but also maximizes the utilization of otherwise wasted natural resources.

Flared Gas Crypto Mining in Argentina

In December, Tomas Ocampo, co-founder of Unblock Global, took to social media to announce that the company had successfully raised $15 million. The funds are earmarked for utilizing “flare gas” sourced from Argentina’s largest gas field, Vaca Muerta. Flared gas mining entails the conversion of excess natural gas into energy for cryptocurrency mining purposes.

Bitcoin Bull Market Triggers More Mining Spend

The recent bullish trend in the cryptocurrency market is prompting an uptick in capital expenditure, with various firms announcing expansion strategies.

With Bitcoin soaring to record highs surpassing $72,000, many companies are eager to leverage this surge. For example, MicroStrategy and Coinbase have chosen to issue convertible notes. Additionally, Marathon Digital has been actively pursuing acquisitions as a key component of its growth strategy, according to reports by Shalini Nagarajan.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Indonesian President Cautions Against Crypto in Money Laundering Risks
24.04.2024By
Coinbase Set to Launch $15 million Ad Campaign During NBA Playoffs: Report
24.04.2024By
Pharrell Williams And Louis Vuitton Launch NFT-Linked Jacket To VIA Holders
24.04.2024By

Latest news

Indonesian President Cautions Against Crypto in Money Laundering Risks
24.04.2024
Coinbase Set to Launch $15 million Ad Campaign During NBA Playoffs: Report
24.04.2024
Pharrell Williams And Louis Vuitton Launch NFT-Linked Jacket To VIA Holders
24.04.2024
SEC Delays Decision on Franklin Templeton’s Spot Ethereum ETF Application
24.04.2024
Hackers Expose Code Of El Salvador’s Bitcoin Wallet App Chivo
24.04.2024
Jack Dorsey’s Block Expands Bitcoin Mining Ambitions, Develops 3nm Mining Chip
24.04.2024
South Africa’s FSCA Confirms Licenses to 75 Crypto Service Providers
23.04.2024
Binance Lawsuit in Canada Following Securities Law Violation Allegations
23.04.2024
Velvet Capital, Backed by Binance Labs, Temporarily Offline Due to Phishing Attack Risk
23.04.2024
Square Enix Is Developing Its Ethereum NFT Game Symbiogenesis With Animoca Brands
23.04.2024