Giga Energy Ventures into Bitcoin Mining in Argentina

Texas-based mining company Giga Energy has expanded its bitcoin mining operations to Argentina, utilizing energy from flared gas.

Giga is officially mining in Argentinahttps://t.co/zdXSeeaXNa pic.twitter.com/JdVEn94JNm

— Giga Energy (@GigaEnergy_) March 26, 2024

The firm has commenced operations at a major shale oil and gas field in the Mendoza province known as Vaca Muerta.

Giga Energy’s approach involves placing shipping containers filled with thousands of miners near oil rigs. The extracted associated gas is directed into generators, which burn it to produce energy for the installations.

Initially, the firm is implementing a pilot project to assess the profitability of the potential venture. Giga Energy began its operations in Argentina in December 2023 and is estimated to have mined cryptocurrency worth $200,000-250,000.

Giga Energy’s partners in Argentina include the extraction company Phoenix Global and IT firm Exa Tech.

The mining enterprise was established in 2019 by two Texas A&M University graduates, Brent Whitehead and Matt Lohstroh. Their initial investments came from their personal savings.

According to Lohstroh, Giga Energy’s revenue has exceeded $10 million since the beginning of the year.

In November 2023, Argentina elected Javier Milei, a bitcoin supporter, as president.