– YPF supplies power to an untold international organization for crypto mining.
– The project is named Vaca Muerta.
– Their goal is to make the process more environmentally sustainable.
Big Contribution Through Power Supply
The YPF, an Argentina’s state-owned energy company, stated that they are supplying power to an unmentioned international crypto mining corporation.
YPF (Fiscal Oilfields) is a vertically integrated organization that processes oil and gas production. The energy segment of YPF, YPF Luz’s CEO Martin Mandarano said that they have started a 1 megawatt (MW) pilot operation three months ago in order to provide power which is generated through waste gas left after oil production.
The division YPF Luz has begun the initiative to use residual gas to enable supply to crypto mining. The system runs in such a manner that clients will do the crypto mining work and pay for the energy wise consumption according to blockchain price.
Project in Vaca Muerta
The Southern Argentina project located in Vaca Muerta is well known for its vast oil and gas resources. It is one of the largest oil fields in the nation.
The CEO Mandarano said- “ We started to develop this generation pilot for cryptocurrency mining with a vision of sustainability and business from flare natural gas, which cannot be harnessed during exploration and at the beginning of the production of an oil field”
YPF Luz is at present supplying power of 1 megawatt to the crypto mining companies. Also, the firm is planning to launch another project which will contribute eight times greater before the end of the recent year. The upcoming project will be operated in the Bajo Del Taro.
YPF Luz thought of converting their waste into electrical energy which can be used in the process of crypto mining. Crusoe Energy, which is a United States based company, helped using its wasted natural gas as a power source resulting in advancement of crypto mining.
Source: https://www.thecoinrepublic.com/2022/10/26/argentinas-state-owned-energy-company-moves-into-crypto-mining/