Bitcoin mass mining thrives in Argentina
In Argentina the activity of Bitcoin miners is thriving due to cheap electricity tariffs, writes Bloomberg.
Miner from Buenos Aires Nicole Bourbon notes that the fall in the Bitcoin rate did not affect business in any way, since the cost of electricity still accounts for a small part of the total revenue in the industry.
Argentine miners have long enjoyed the advantage of electricity subsidies, as the country’s policy is aimed at winning the vote.
However, restrictions on currency conversions remain in Argentina. For example, individuals can convert only up to $ 200 per month.
Bourbon states that although cryptocurrencies mined by miners are usually traded at the stock exchange rate, electricity is paid at a subsidized rate and revenues are very high.
International mining companies also benefit from the low tariffs in Argentina. In mid-April, Canadian mining company Bitfarms signed a contract to connect to a local power plant. The company plans to consume up to 210 MW of electricity, which will allow Bitfarms to become the largest mining enterprise in South America.