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Argentina is currently experiencing a boom in Bitcoin mining operations thanks to its highly subsidized power rates and exchange controls, granting miners the ability to sell their newly-mined BTC at prices above the official rate.
The increasing mining activity in Argentina also stems from the fact that the country operates a capital control system that prohibits its citizens from exchanging more than $200 worth in peso. This restriction had led to an increase in demand for other convertible currencies to hedge their buying power from inflation.
According to Bloomberg, the subsidies are so high that despite the recent crypto industry crash, Argentinian miners are still in massive profits. A miner in the country, Nicolas Bourbon, noted that:
“Even after Bitcoin’s price correction, the cost of electricity for anyone mining from their house is still a fraction of the total revenue generated.”
As expected, foreign mining companies are now contemplating ways to leverage these subsidies. Bitfarms, a Canada-based mining firm, recently entered a deal to use power from a local plant to mine cryptocurrency for a significantly lower rate than most alternatives.
Geoffrey Morphy, the president of Bitfarms, stated that:
“We were looking for places that have overbuilt their electrical generation systems. Economic activity in Argentina is down, and power is not [getting] fully utilized. So it was a win-win situation.”
Can Argentina Sustain the Current Mining Operation Trajectory?
Argentina has become the latest country to leverage cryptocurrency and mining to provide more financial and economic freedom for its citizens during tough economic times. Other countries that followed this play include Iran and Venezuela.
However, this boom in the crypto mining sector could have a negative effect, especially on the integrity of the power grid, depending on the impact of the operations.
This negative power impact was sighted in Iran recently, which prompted the government to suspend Bitcoin mining in the country till September 22. Iran has suffered constant power cuts recently resulting from strain on the power grid.
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