Texas-based Bitcoin miner Giga Energy is expanding its reach to Argentina by utilizing wasted energy from natural gas flaring in oil fields. The company's co-founder Brent Whitehead highlighted this development as a crucial milestone in a LinkedIn post on March 26.

Giga Energy’s Recent Move

According to a report by CNBC, Giga plans to install a large shipping container with thousands of Bitcoin miners on an oil well in Argentina. By redirecting excess gas to generators, the company aims to power Bitcoin mining machines using this energy source. Since December, Giga's mining facility in the Mendoza province of Argentina has been undergoing testing and has already mined Bitcoin valued at $200,000 to $250,000.

While awaiting the import of necessary equipment to scale up operations, Giga does not expect to generate profits. Argentina, known for having the world's second-largest shale gas reserves, is an ideal location for such operations.

Progress Towards Bitcoin Halving

In addition to supporting reduced methane emissions, Whitehead stated that Giga's Bitcoin mining operation aims to utilize stranded natural gas to power energy-intensive computing. Exa Tech is supporting Giga in running operations in the field, with Phoenix Global Resources providing the required gas for Bitcoin mining.

Since initiating Bitcoin mining operations in 2019, Giga has established containers with a 150-megawatt capacity at facilities in Texas and Shanghai. The upcoming Bitcoin halving event, predicted to occur around April 20, will decrease miner rewards from 6.25 Bitcoins to 3.125 Bitcoins. This event might lead to a shift in the global hashrate to countries with lower electricity costs compared to the US.

This article was first published on COINTURK NEWS.