Tecpetrol, a Buenos Aires-based oil corporation, has made the decision to direct additional energy for cryptocurrency mining operations’ energy, as stated by Cointelegraph.
According to Cointelegraph, Tecpetrol will unveil its pilot gas-backed crypto mining platform at Los Toldos II Este, situated north of Vaca Muerta in Argentine Patagonia. From what it’s understood, through this process, the company aims to proceed with its crude oil production project and better gas usage to decrease wastage.
Based on Cointelegraph’s data, the company intends to drill around 35,000 barrels worth of oil everyday at the facility, but took the decision of directing the released gas towards crypto mining. It’s believed that the company has a shortage of infrastructure for treating the excess of gas. “Given our inability to release the gas into the environment, we have opted to implement cryptocurrency mining operations,” Ricardo Markous, CEO, Tecpetrol, said.
Moreover, Cointelegraph noted that Tecpetrol plans to go ahead with its crypto mining plans during late October and early November. Sources suggest that the corporation seeks to clock some extra amount of profits, having signed contracts and entering into a partnership with an undisclosed firm which has expertise in the same area in the United States.
(With insights from Cointelegraph)