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Excess Gas From Oil Drilling is Powering Bitcoin Mining

November 9, 2023
x min read

An oil and gas giant is venturing into something unexpected: Bitcoin mining.

What’s happening:

  • Buenos Aires, Argentina based Tecpetrol has launched a new pilot project in which they will use excess gas from their operations to power Bitcoin mining
  • This is the first time Tecpetrol has ever entered the digital asset space and is part of a broader focus to find ways to lower harmful emissions

Why it matters:

  • Converting methane emissions into renewable power for Bitcoin mining is a rapidly growing trend amongst venture backed startups
  • Leading publicly traded Bitcoin mining company Marathon Digital (NASDAQ: MARA) recently announced their own pilot project in Utah for converting methane gas into electricity to power their data centres
  • If these projects prove to be sustainable and profitable it could spark a movement of energy companies looking for ways to turn emissions into low cost power for mining operations of their own

By the numbers:

  • The site in which Tecpetrol will be building their Bitcoin mining facility on is set to produce 35,000 barrels of oil per day
  • Tecpetrol has over 800 oil and gas wells currently in production and represents approximately 15% of all gas output in Argentina

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