According to Vera, Argentina has abundant energy resources, although “lack of infrastructure.”
The manager said that in the Argentine short term it will not grow as much as Paraguay in BTC mining.
Erick Vera, business development leader for Latin America of the Luxor company, dedicated Bitcoin Mining (BTC), referred to the potential and challenges that that industry in Argentina has. Especially stood out the opportunities “in operations Off-Grid»(Outside the conventional electricity network) in the country.
Although Vera raises some difficulties for the development of work in Argentina, Luxor’s manager has A positive posture With respect to the potential of this South American country to grow in Bitcoin mining:
“I am very optimistic with Argentina, because the assets are there, there is a ton of gas, there is a huge amount of fossil resources that can be used in situ.”
Erick Vera, business development leader for Luxor’s Latin America.
Operating outside the conventional power grid implies using local resources to generate electricity that, otherwise, would not be used or wasted. Vera pointed out that the Vaca Muerta region, a geological formation in the Patagonian province of Neuquén is “A proliferous region in oil and gas.”
Vera mentioned that, although these operations Off-Grid They have great potential, they are not simple to implement. One of the main challenges is to have an efficient and reliable generator operator, since electric generators represent not only the largest initial investment, but also the greatest source of operational problems.
Additionally, Luxor’s manager explained that the other great challenge of the gas industry in Vaca Muerta is not extraction, but The transport of gas from the place of production to the marketsalthough he suggested a possible solution.
“We know that the transport of this gas is even more difficult than its extraction. Taking the molecule (gas) to the market is very expensive. Many projects in Argentina have been delayed or even detained. The solution is to bring the market to the molecule. ”
Erick Vera, business development leader for Luxor’s Latin America.
Taking the market directly to where there is gas implies Bitcoin in the site where the energy producing source is.
Cryptonotics recently notified that 360 Energy, an American company, is dedicated to capturing natural gasotherwise it would be wasted, in sites of extraction of this resource or in oil fields. Part of that energy generation, 360 Energy uses it to undermine Bitcoin.
In this regard, Vera said there are companies in that region of Argentina that work with beneficial technologies for energy extraction and Bitcoin mining.
“There are companies doing incredible things, such as digital mitigation and thermal mitigation, which represent a fantastic use case for this.”
Erick Vera, business development leader for Luxor’s Latin America.
Digital mitigation in BTC mining uses software To optimize energy use and reduce emissions, helping to take advantage of gas that would otherwise be seen. Thermal mitigation reuses the heat generated by mining equipment for other uses, such as heating or industrial processes. Both mitigation techniques seek to make Bitcoin mining more efficient and less impressive environmentally, especially in places with abundance of natural gas such as Vaca Muerta.
Luxor’s director of Bitcoin mining in Argentina
Despite the potential of the region, Luxor’s director express that Argentina It will not grow in Bitcoin mining as Paraguay has done soat least in the short term.
Although Vera stressed that Argentina has abundant resources and the possibility of installing mining centers far from populations where the noise and heat issued by ASIC does not generate conflicts, the country’s capacity in infrastructure is lower than that of Paraguay.
“I do not see that in Argentina both Bitcoin and Paraguay mining develops, the current energy infrastructure product and the difficulties of accessing electricity.”
Erick Vera, business development leader for Luxor’s Latin America.
At present, according to data provided by Vera, Paraguay has approximately 500 megawatts for Bitcoin mining, while “in Argentina, although more difficult to estimate, there are about 200 megawatts.”
As Cryptonoths reported and in line with the opinion of Vera, Paraguay has been adopted by some of the largest Bitcoin mining companies in the world. Such is the case of Hive Digital (HIVE), which expanded its operations in the country buying Bitfarms, another entity dedicated to this activity, a mega mining farm for a sum close to 80 million dollars.
Thus, while Paraguay remains the country that, at present, has adopted Bitcoin mining in Latin America, Argentina could be advancing on the same path, although not without facing important obstacles.
