Tecpetrol to Mine Cryptocurrencies Using Associated Gas
Buenos Aires-based oil producer Tecpetrol has announced its plans to mine cryptocurrencies using associated gas from its oil fields near Vaca Muerta. This initiative is scheduled to begin between the end of October and the beginning of November. By converting associated gas into electricity to power mining rigs, Tecpetrol aims to address environmental concerns related to gas flaring.
The company’s Chief Executive Director, Ricardo Markous, revealed that the mining operations would utilize gas from six field wells, producing around 60,000 cubic meters of natural gas daily. However, Tecpetrol has not yet disclosed which cryptocurrencies it intends to mine.
Tecpetrol Forms Strategic Partnership for Crypto Mining
Tecpetrol has formed a strategic partnership with a firm experienced in providing similar services to US-based companies. This collaboration is expected to facilitate the seamless integration of crypto-mining operations with the company’s existing infrastructure. Additionally, the company emphasizes the environmental benefits of this initiative, highlighting the reduction in gas flaring.
Markous stated that utilizing the gas would mitigate environmental impacts and accelerate oil production at the site. The company plans to install three generating facilities equipped with crypto-mining rigs to optimize the use of associated gas.
Tecpetrol Draws Inspiration from Russian Oil Fields
Tecpetrol’s endeavor follows pioneering efforts by Russian oil firms earlier this decade. The oil fields in question lack production treatment and evacuation facilities. Tecpetrol sells some of its extracted gas to Chevron but has reached its sales limit. Therefore, using associated gas for crypto mining presents a viable alternative.
It’s worth noting that Coingape recently reported a cryptocurrency-related fraud in Russia’s Yaroslavl Region. A Moscow resident stands accused of defrauding victims of over 5 million rubles, approximately $51,000, through eight crypto scams between 2017 and 2022.
Hot Take: Tecpetrol Innovates Crypto Mining with Associated Gas
Tecpetrol’s decision to mine cryptocurrencies using associated gas showcases the company’s commitment to environmental sustainability. By converting gas that would otherwise be flared into electricity for mining rigs, Tecpetrol not only reduces environmental impact but also accelerates oil production. This initiative is a strategic move that draws inspiration from Russian oil fields and highlights the potential for innovation in the crypto mining industry.
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