Argentinian Oil Company To Start Mining Crypto With Gas Power Leftovers

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Today’s Cryptocurrency Headline

A Buenos Aires-headquartered oil company, Tecpetrol, has decided to convert excessive gas into energy for cryptocurrency mining. On Sept. 24, Tecpetrol launched its first gas-powered crypto mining facility in the Los Toldos II Este region, located north of Vaca Muerta in Argentine Patagonia. The company claims its approach would allow it to advance its crude oil production project and optimize gas utilization, thereby reducing waste. The company is planning to drill at least 35,000 barrels of oil daily at the facility, but, given the absence of infrastructure to consume the gas being released in the process, it decided to explore crypto mining as a strategic choice to consume it. Tecpetrol hopes to commence the crypto mining between late October and early November. The primary goals are to reduce environmental impact by avoiding gas emissions and to generate some additional profits. The company has already signed contracts and is collaborating with an unnamed firm that has experience implementing similar strategies in the United States.

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In the current extremely illiquid market, short-term rapid surges and declines become easily manipulable, which facilitates whales to profit from clearing high-leverage users in the futures market. However, this does not change the trend at the daily level. Currently, the market is still oscillating around the MA30 without clear signs of an uptrend or downtrend. The support level is at $26,000 and the resistance level is at $26,800.

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