Argentinian Government Raises Energy Costs Almost 4x for Cryptocurrency Miners
The Energy Secretary of Argentina eliminated power subsidies for cryptocurrency miners, raising the cost of energy to almost 4x what the miners were paying before. The measure affects customers of the wholesale power market in the Tierra del Fuego province, one of the provinces more notably occupied by miners in the country due to its specific climate characteristics. Argentina Eliminates Subsidies for Cryptocurrency Mining The government of Argentina has eliminated the subsidies that applied to power used by cryptocurrency miners. This is the decision that the Energy Secretary....
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The Argentinian government is starting to inquire about the power consumption of bitcoin mining companies after some provinces in the country faced power cuts during the last days of 2021. Cammesa, the state-owned power wholesaler, has sent a memo to big power consumers to reveal whether they are mining cryptocurrency. If so, the companies should reveal their actual power consumption so a price hike can be coordinated, and they will need to invest in power infrastructure.
Argentinian Government Sets Sights on Bitcoin Mining
The Argentinian government is trying to pinpoint the....
The Argentinian government has taken the first steps in the launch of its own central bank digital currency (CBDC). A new decree identified the number 207/2022 gives new faculties to the Argentinian mint to involve in the investigation, development, and issuance of digital currencies. This puts Argentina on the trail of countries like Brazil and Mexico, that are already involved in the development of their e-currencies.
Argentina Prepares the Field for a CBDC
The government of Argentina is preparing the legal field for future issuance of its own central bank digital currency, the....
Bitcoin miners have been having one of the worst go at it since the price decline of BTC. They have had to watch their revenues plummet to yearly lows after having an incredible year in 2021. In light of this, bitcoin miners have to look at ways to cut down costs as much as possible. […]
The government says that mining “presents challenges to the infrastructure of the concession area to which they are connected.” China’s crackdown on mining has led miners to search for other countries in which to continue their operations. Promises of reduced costs led some to Argentina. However, the country’s government has now applied new rates for crypto miners in the province of Tierra del Fuego.Argentina’s Energy Secretary of the Ministry of Economy published and announced resolution 40/2022, eliminating the energy government subsidies for crypto mining energy usage. The new rates....
Institutional miners and hobbyists alike are taking advantage of energy subsidies to cash in. While the broader crypto market suffers through a painful slump, a new report today indicates that Bitcoin miners in Argentina are thriving as they take advantage of convoluted energy policies. A report from Bloomberg republished in the Buenos Aires Times says that residential mining is picking up due to a mix of factors, including currency controls, energy subsidies, and rampant inflation. The favorable mix of conditions has even brought in international attention as Canadian mining company....