Buenos Aires-based oil producer Tecpetrol has unveiled plans to mine cryptocurrencies utilizing related fuel from its oil fields close to Vaca Muerta. This initiative is ready to begin between the tip of October and the start of November. The firm, a major participant within the oil and fuel sector in Argentina and different LATAM international locations, goals to convert related fuel into electrical energy to energy mining rigs, thereby addressing environmental considerations associated to fuel flaring.
The firm’s Chief Executive Director, Ricardo Markous, revealed that the mining operations would make the most of fuel from six area wells. These wells produce round 60,000 cubic meters of pure fuel day by day. However, Tecpetrol has but to disclose which cryptocurrencies it intends to mine.
Tecpetrol Strategic Partnership for Crypto Mining
Tecpetrol has fashioned a strategic partnership with a agency skilled in offering comparable companies to US-based corporations. This collaboration is anticipated to facilitate the seamless integration of crypto-mining operations with the corporate’s present infrastructure.
Additionally, the corporate has emphasised the environmental advantages of this initiative, highlighting the discount in fuel flaring, a standard apply in distant oil fields the place related fuel is commonly burned due to the dearth of evacuation amenities.
Markous said that using the fuel would mitigate environmental impacts and speed up oil manufacturing on the web site. The firm plans to set up three producing amenities geared up with crypto-mining rigs to optimize using related fuel.
Russian Oil Fields Inspire Tecpetrol’s Crypto Vision
This endeavor by Tecpetrol follows comparable pioneering efforts by Russian oil companies earlier this decade. The oil fields are remoted, missing manufacturing therapy and evacuation amenities. Tecpetrol sells a few of its extracted fuel to Chevron however has reached its gross sales restrict. Consequently, the progressive method of utilizing related fuel for crypto mining is a viable various.
Coingape not too long ago reported a cryptocurrency-related fraud in Russia’s Yaroslavl Region. A Moscow resident stands accused of defrauding victims of over 5 million rubles, roughly $51,000, by way of eight crypto scams between 2017 and 2022.
Also Read: Are World’s Largest Oil Producing Companies Diving into Bitcoin Mining?
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