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Buenos Aires-based oil producer Tecpetrol has unveiled plans to mine cryptocurrencies utilizing related fuel from its oil fields close to Vaca Muerta. This initiative is ready to begin between the top of October and the start of November. The firm, a big participant within the oil and fuel sector in Argentina and different LATAM nations, goals to convert related fuel into electrical energy to energy mining rigs, thereby addressing environmental considerations associated to fuel flaring.

The firm’s Chief Executive Director, Ricardo Markous, revealed that the mining operations would make the most of fuel from six discipline wells. These wells produce round 60,000 cubic meters of pure fuel day by day. However, Tecpetrol has but to disclose which cryptocurrencies it intends to mine.

Tecpetrol Strategic Partnership for Crypto Mining

Tecpetrol has fashioned a strategic partnership with a agency skilled in offering comparable providers to US-based firms. This collaboration is predicted to facilitate the seamless integration of crypto-mining operations with the corporate’s current infrastructure. 

Additionally, the corporate has emphasised the environmental advantages of this initiative, highlighting the discount in fuel flaring, a typical observe in distant oil fields the place related fuel is usually burned due to the dearth of evacuation amenities.

Markous said that using the fuel would mitigate environmental impacts and speed up oil manufacturing on the web site. The firm plans to set up three producing amenities outfitted with crypto-mining rigs to optimize using related fuel.

Russian Oil Fields Inspire Tecpetrol’s Crypto Vision

This endeavor by Tecpetrol follows comparable pioneering efforts by Russian oil corporations earlier this decade. The oil fields are remoted, missing manufacturing therapy and evacuation amenities. Tecpetrol sells a few of its extracted fuel to Chevron however has reached its gross sales restrict. Consequently, the revolutionary method of utilizing related fuel for crypto mining is a viable different.

Coingape lately reported a cryptocurrency-related fraud in Russia’s Yaroslavl Region. A Moscow resident stands accused of defrauding victims of over 5 million rubles, roughly $51,000, by eight crypto scams between 2017 and 2022.

Also Read: Are World’s Largest Oil Producing Companies Diving into Bitcoin Mining?

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Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency house for two years now. Previously he co-founded Govt. of India supported startup InThinks and is at present Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has printed greater than 100 articles on cryptocurrency and blockchain and has assisted a lot of ICO’s of their success. He has co-designed blockchain growth industrial coaching and has hosted many interviews in previous. Follow him on Twitter at @sharmasunil8114 and attain out to him at sunil (at) coingape.com

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