April 19, 2024
Tecpetrol's initiative to extract oil sustainably by integrating crypto mining
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Crypto Mining Takes Center Stage as Tecpetrol Repurposes Gas Resources

Tecpetrol, an oil company headquartered in Buenos Aires, has made the decision to repurpose excess gas for cryptocurrency mining, according to local media reports on September 24. This initiative will kick off with the establishment of a gas-powered crypto mining facility in the Los Toldos II Este region, situated to the north of Vaca Muerta in Argentine Patagonia. Tecpetrol intends to use this approach to advance its crude oil production project while optimizing the utilization of gas, ultimately minimizing waste.

The company’s plan is to extract a minimum of 35,000 barrels of oil daily at the facility. However, due to the lack of infrastructure to accommodate the gas emissions generated during this process, Tecpetrol has chosen to explore crypto mining as a strategic solution. As Ricardo Markous, CEO of Tecpetrol, explained, “Given our inability to release the gas into the environment, we have opted to implement cryptocurrency mining operations.” Tecpetrol aims to initiate crypto mining activities sometime between late October and early November, with primary objectives centered on reducing environmental impact by preventing gas emissions and generating additional profits. The company has already entered into contracts and is collaborating with an undisclosed firm that possesses experience in implementing similar strategies in the United States.

A recent report published by the Institute of Risk Management suggests that Bitcoin mining has the potential to decrease global emissions by up to 8% by 2030 through the conversion of wasted methane emissions worldwide into less harmful forms. The report referenced a hypothetical scenario where captured methane is utilized to power Bitcoin mining operations, thus mitigating the release of methane into the atmosphere.

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