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An oil and gas giant is venturing into something unexpected: Bitcoin mining.
What’s happening:
- Buenos Aires, Argentina based Tecpetrol has launched a new pilot project in which they will use excess gas from their operations to power Bitcoin mining
- This is the first time Tecpetrol has ever entered the digital asset space and is part of a broader focus to find ways to lower harmful emissions
Why it matters:
- Converting methane emissions into renewable power for Bitcoin mining is a rapidly growing trend amongst venture backed startups
- Leading publicly traded Bitcoin mining company Marathon Digital (NASDAQ: MARA) recently announced their own pilot project in Utah for converting methane gas into electricity to power their data centres
- If these projects prove to be sustainable and profitable it could spark a movement of energy companies looking for ways to turn emissions into low cost power for mining operations of their own
By the numbers:
- The site in which Tecpetrol will be building their Bitcoin mining facility on is set to produce 35,000 barrels of oil per day
- Tecpetrol has over 800 oil and gas wells currently in production and represents approximately 15% of all gas output in Argentina
