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 start between the top of October and the start of November. The corporate, a major participant within the oil and fuel sector in Argentina and different LATAM international locations, goals to transform related fuel into electrical energy to energy mining rigs, thereby addressing environmental issues associated to fuel flaring.
The corporate’s Chief Government 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 every day. Nevertheless, Tecpetrol has but to reveal 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 firms. This collaboration is anticipated to facilitate the seamless integration of crypto-mining operations with the corporate’s current infrastructure.
Moreover, the corporate has emphasised the environmental advantages of this initiative, highlighting the discount in fuel flaring, a typical observe in distant oil fields the place related fuel is usually burned as a result of lack of evacuation services.
Markous acknowledged that using the fuel would mitigate environmental impacts and speed up oil manufacturing on the web site. The corporate plans to put in three producing services geared up with crypto-mining rigs to optimize using related fuel.
Russian Oil Fields Encourage Tecpetrol’s Crypto Imaginative and prescient
This endeavor by Tecpetrol follows comparable pioneering efforts by Russian oil corporations earlier this decade. The oil fields are remoted, missing manufacturing therapy and evacuation services. Tecpetrol sells a few of its extracted fuel to Chevron however has reached its gross sales restrict. Consequently, the modern strategy of utilizing related fuel for crypto mining is a viable different.
Coingape lately reported a cryptocurrency-related fraud in Russia’s Yaroslavl Area. 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.
Additionally Learn: Are World’s Largest Oil Producing Companies Diving into Bitcoin Mining?
The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.
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