YPF Is The First State-Owned Company In The World To Supply Residual Gas To A Cryptocurrency Mining Company

Written by Valdemar Medeiros

Published on 06/10/2022 at 10:30

Updated on 06/10/2022 at 10:31

Foto: YPF/Reprodução

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Yacimientos Petrolíferos Fiscales (YPF) Will Provide Natural Gas to Cryptocurrency Mining Companies. YPF’s Supply Will Be 1 MW.

The Argentine energy state company Yacimientos Petrolíferos Fiscales (YPF) Luz has started a pilot project to make available natural gas that is residual from oil exploration, which would be lost, to be used in cryptocurrency mining. According to reports, the operation is taking place in the Vaca Muerta region, an essential oil and natural gas production center in Argentina. The Yacimientos Petrolíferos Fiscales operates in the region extracting commodities.

Supply of Residual Natural Gas for Cryptocurrency Mining Will Be 1 MW

The purpose of the project is to redirect part of the residual natural gas from Yacimientos Petrolíferos Fiscales’ oil extraction process, also known as Flare Gas, to a cryptocurrency mining operation in the same region, allowing it to operate using low-cost energy.

According to reports, the supply from Yacimientos Petrolíferos Fiscales will be 1 MW and the cryptocurrency mining operation is run by an international client of YPF.

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The project has been under development for about 3 months. According to Yacimientos Petrolíferos Fiscales Luz’s CEO, Martín Mandarano, the goal is to expand the supply to around 8 MW by the end of the year.

Payment for the Supply of Natural Gas May Follow a Blockchain-Linked Price

According to Mandarano, the company started to develop this pilot generation for cryptocurrency mining focusing on sustainability and business from residual natural gas, which cannot be used at the moment of exploration and at the beginning of oil field production.

Natural gas is a less polluting source compared to coal and oil, and its use by a mining operation avoids the environmental impacts associated with it during the oil extraction process. Under the project, cryptocurrency miners will pay Yacimientos Petrolíferos Fiscales for the supply, and this payment may be made at a fixed price or at a blockchain-linked price tied to the activity.

Natural Gas and Nuclear Energy Gain Space in the Cryptocurrency Mining Segment

Yacimientos Petrolíferos Fiscales did not specify which cryptocurrencies will be mined. According to a study conducted by the University of Cambridge released in September, still in 2021, natural gas and nuclear energy gained prominence as energy sources linked to the Bitcoin mining process.

Coal remains the main source, with 36.6% of the total, while hydropower reaches 14.9%. Natural gas rose from 12.8% in 2020 to 23% in 2021, while nuclear energy increased from 4% to 8.9%.

YPF Is The First State-Owned Company In The World To Supply Residual Gas To A Cryptocurrency Mining Company

Yacimientos Petrolíferos Fiscales (YPF) Will Provide Natural Gas to Cryptocurrency Mining Companies. YPF’s Supply Will Be 1 MW.

Supply of Residual Natural Gas for Cryptocurrency Mining Will Be 1 MW

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Payment for the Supply of Natural Gas May Follow a Blockchain-Linked Price

Natural Gas and Nuclear Energy Gain Space in the Cryptocurrency Mining Segment

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YPF Is The First State-Owned Company In The World To Supply Residual Gas To A Cryptocurrency Mining Company

Yacimientos Petrolíferos Fiscales (YPF) Will Provide Natural Gas to Cryptocurrency Mining Companies. YPF’s Supply Will Be 1 MW.

Supply of Residual Natural Gas for Cryptocurrency Mining Will Be 1 MW

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