BTC Mining Expands in Argentina Due to Cheap Energy

by in Cryptocurrency News

Argentina crypto mining

Affordable government-supported power supply in Argentina opens more BTC mining opportunities allowing to mine from home.

Related: Monthly trading volume on BTC exchanges exceeded $2 trillion

Generally, BTC mining is growing in places with low utility prices as it brings more income.

As for Argentina, experts say the new policy adopted by the government can be used by miners in their favor. Argentinian crypto miner Nicolás Bourbon said that even after the BTC rate decline, mining from home is a part of the entire revenue produced. Bourbon finds subsidies are unreasonable and miners just turn the situation in their favor.

Argentina is among the most affordable countries in South America. For instance, in comparison with Colombia, Chile, and Brazil, power bills there are 2–3% of the average monthly income.

This founds a ground for partnerships with mining companies from other countries.

In April, Canada-based cryptocurrency mining and blockchain infrastructure company Bitfarms announced a partnership with a private Argentinian electricity producer. The cooperation aims to build a huge BTC mining firm in Patagonia with 55.000 machines.

Presently, Argentina faces economic difficulties with the national currency peso's devaluation. In those circumstances, people often turn to crypto as a means against inflation.

Trending: Vitalik Buterin's $25.000 Doge Investment Brought Him $4.3 M

Meanwhile, there are various discussions worldwide to use renewable energy for Bitcoin mining.