Cheap Power Is Creating a Bitcoin Mining Boom in Argentina
Argentina, the ailing South American country, is experiencing a cryptocurrency mining resurgence due to artificially low power rates maintained by subsidies from the national government. This fact, alongside exchange controls and the possibility of selling obtained assets at a higher exchange rate than the official one, is enticing more and more individuals to enter the mining business. Argentina Is Experiencing a Mining Boom Argentina is experiencing a mining boom, due to the highly subsidized power rates and exchange controls enabling miners to sell their mined bitcoins at a higher....
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The very low power rates in Venezuela have created a powerful incentive to mine Bitcoin for a lucky few that have the capital (and dare) to purchase miners and infrastructure in the country. The rise of digital currencies has created a new industry that uses cheap energy and turns it into precious Bitcoin. In other regional news, Axie Infinity, a play-to-earn game, has created opportunities for the less fortunate ones. The country is going digital because of the possibilities these new tools offer.
Cheap Power Creates Mining Opportunities in Venezuela
The cheap cost of....
Bitfarms, a bitcoin mining company, announced last week that construction is underway for a mega bitcoin mining farm in Argentina. The facility, which is designed to accommodate 55,000 miners, will be finished by next year. This is yet another signal that mining companies are looking for new areas with favorable conditions and cheap energy to migrate to, including places like Texas and El Salvador.
Bitfarms Expands to Argentina
Bitfarms, a Nasdaq-listed bitcoin mining company, announced it started building what will be a mega bitcoin mining farm in Argentina last week. The....
The Zapala Free Zone, an area located in Neuquen, Argentina that has the objective of incentivizing various productive activities, will receive its first bitcoin mining-related investment this year. The company that will create the power infrastructure for the mining farm aims to generate more than 114 MW of power for mining operations in the first year.
Zapala Free Zone Gets Into Bitcoin Mining
Zapala, a free trade zone in the province of Neuquen in Argentina, will get its first bitcoin mining-related investment. For the year 2023, the zone aims to have an installed capacity of....
Low energy costs, high inflation and restrictive capital controls have pushed residents of Argentina to mine bitcoin in their homes.
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....