YPF Luz installed an electric generator to mine bitcoin in Neuquén

YPF Luz installed an electric generator to mine bitcoin in Neuquén
YPF Luz installed an electric generator to mine bitcoin in Neuquén

This initiative allows us to reduce greenhouse gas emissions, make efficient use of energy, and monetize flare gaswhich would otherwise have been vented to the atmosphere. The gas is reused to generate electrical energy that is used for a new industry such as bitcoin mining, highly demanding of energy, without affecting the availability of the country’s electrical energy network and contributing to a sustainable solution.

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FILE PHOTO: REUTERS/Dado Ruvic/Illustration/File

Bitcoin Target

Martin Mandarano, CEO of YPF Luz commented: “In 2022 we were the first Argentine company to generate electrical energy for cryptocurrency mining from flare gas, an innovative solution in line with YPF’s energy transition needs. This project with GDA allows us to bring YPF and Equinor, two companies committed to reducing the carbon footprint of their exploration activities, an adaptable and sustainable flare gas use solution.”

Abdumalik MirakhmedovCEO of GDA, commented: “We believe that Argentina is an important country for Bitcoin mining, given its abundance of energy sources and business-friendly environment. The opening of our first data center in South America is “an important step in our geographic diversification efforts. And this will be another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities.”

Minimize carbon footprint

For both YPF and Equinor, the measurement and reduction of gas flare is one of the main focuses to reduce direct emissions from their operations; and with this type of projects, it reinforces its commitment to minimizing the impact of its carbon footprint. This new business model represents an opportunity not only in terms of innovation, but also for the country’s industry, adding one more activity to the portfolio of energy solutions.

Previously, YPF Luz worked on the design of a pilot, to study the feasibility of this project. With this commissioning of Bajo del Toro, a new stage begins to work on flare gas energization solutions adapted to the needs of each client.

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