While the wider crypto market suffers from a painful recession, a new report today reveals that bitcoin miners are thriving in Argentina as they take advantage of complex energy policies.
A Bloomberg Report Republished The Buenos Aires Times states that residential mining is on the rise due to a mix of factors including currency controls, energy subsidies and rampant inflation.
The favorable mix of conditions has also brought international attention as Canadian mining company Bitfarms Ltd seeks to establish the largest mining operation in South America – part of a The flourishing crypto business scene across the country. Earlier in the year, Bitfarm had speculated that the new facility could be My BTC at a price of only $ 4,000 per coin.
“Although the price of bitcoin is at its lowest level in the last few months, mining BTC in Argentina is still profitable due to the low energy cost in dollars,” Agustin Beltramo, an international crypto reporter at Cointegraf, said in an interview.
However, Beltramo cautioned against rushing families to buy mining equipment, saying the upfront cost could be more prohibitive than some expected.
“The reality is that even though energy is cheap in Argentina, not everyone will see profits overnight. Mining power is an important factor in calculating the benefits of mining in Argentina,” he said.
“Those who have been mining for some time are the real winners, as they have had mining equipment for a long time and it is believed that they have already refined it. Those who are just starting out in cryptocurrency mining, They will see gains in the medium / long term. “
Might be a cheaper option for Argentina wishing to make a passive income Operating a Lightning Network node, However. Nicolas Bourbon, the Argentine bitcoin advocate cited in the report, is a vocal proponent of layer 2:
Ademas francisco pobre lo vengo valviendo loco con preguntas desde que monte yo mi nodo y siempre s una fuente de referencias y sabiduria para estohttps://t.co/fn6hHLFjl6
– Niko ️ (@bourbonni) 31 May 2021