Giga Energy Expanding to Argentina to Utilize Waste Energy in Mining Bitcoin

Giga Energy Expanding to Argentina to Utilize Waste Energy in Mining Bitcoin

In preparation for the upcoming Bitcoin halving, the Texas-based crypto Miner Giga Energy has revealed plans to expand to Argentina. The Giga team plans to tap into the excess energy produced from the natural gas flaring.

The surge in the price of electricity forced the Giga team to explore other available energy sources. The Bitcoin miner plans to turn the flared gasses in Argentina into electricity to optimize the process of mining crypto assets.

Giga Energy Expands to Argentina

In the March 26 announcement, the Giga revealed plans to partner with the Phoenix Global Resource to establish its foray in Argentina. Under the partnership agreement, the Bitcoin miner will leverage Phoenix’s proprietary tools.

A statement from the co-founder of Giga, Brent Whitehead, argued that the expansion to Argentina marked a significant milestone for the company. The executive admitted that the company expansion to Argentina aligns with Giga Energy’s vision of addressing the flaring of natural gasses.

In his report, Whitehead argued that Giga’s expansion to Argentina will help the country reduce the emission of methane and carbon gasses. The executive outlined that the miner would capture the stranded natural gasses and trap them in data centers to support computing.

Whitehead restated that company will continue to mitigate the emission of methane. The executive was pleased to state that Giga’s entrance into Argentina enables the firm to seal strategic partnerships with the best-performing tech and gas companies.

He stated that Giga will work closely with Exa Tech, a renowned regional IT firm, to support its operation. Consecutively, the Phoenix Global Resource will ensure an adequate supply of gasses to support Bitcoin mining activities.

Argentina has mainly been engaged in gas flaring to produce oil. Even though the gas flaring process is complex, the Giga team plans to use the methane produced to create electricity for mining Bitcoin.

Bitcoin Miners Steps Up to Mitigate CO2 Emission

The Bitcoin miners plan to embrace different approaches to enable the Giga team to establish a strong footprint in Argentina. Firstly, the Giga team intends to establish a large shipping container to house thousands of Bitcoin miners.

The Giga will convert the excess gas generated from the generators to power for Bitcoin mining purposes. The Giga team plans to establish a new mining site in the Province of Mendoza, Argentina.

In an interview with CNBC, the co-founder of Giga Energy, Matt Lohstroh, confirmed that the new mining site was undergoing several tests to assess the viability of Argentina. In December, the latest mining site produced $200,000 to $250,000 in Bitcoin.

The amount mined in December inspired the Giga team to focus on equipping the new site. The Bitcoin miner plans to import the necessary tools to support the establishment of the proposed mining facility.

The Giga team is optimistic that the Argentina project will enable the firm to tap more profitable opportunities. A review of the Giga website demonstrated that the Bitcoin miner has been in operation since 2019.

Feature of Giga Argentina’s New Site

The Giga team has established 150MW containers based in Texas and Shanghai to optimize Bitcoin mining. The strategic expansion to suitable markets enabled Giga to align its operations with the company’s.

A recent study by the University of Michigan demonstrated that Giga Energy ranks second in shale gas reserves. The impressive growth of the Giga operation enabled the firm to yield over $10 million in profits in Q1 of 2024.

The Bitcoin miner is expected to join several mining companies seeking to broaden their geographic presence in Argentina. According to World Bank Data, Argentina ranks twelfth in global methane emitters.

Reflecting on the risks associated with methane emission, the Giga team stepped up to address this menace. In the report, the Bitcoin miner plans to reduce CO2 emissions at the new site. The latest mining facility is estimated to reduce 30000 tons of greenhouse gasses every year. Beyond this, the Bitcoin miner plans to sell the excess energy from flared gasses to the local authority.

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