Giga Energy's latest endeavor taps into untapped energy resources from natural gas flaring, yielding between $200,000 and $250,000 worth of Bitcoin, according to the company's co-founder.

Expanding its operations into Argentina, Texas-based Bitcoin miner Giga Energy aims to leverage wasted energy from natural gas flaring in the country's oil fields, marking a significant milestone for the firm, as stated by co-founder Brent Whitehead in a March 26 LinkedIn post.

Describing the move as an alignment with their global vision to mitigate flaring, Giga converts methane emitted during the gas flaring process into electricity to power Bitcoin mining rigs.

The expansion entails situating Bitcoin miners atop oil wells, directing excess gas into generators, and harnessing the energy for mining operations, CNBC reported on March 26. Giga's test phase in Argentina's Mendoza province, ongoing since December, has already yielded significant Bitcoin mining results.

However, full-scale operation awaits the import of necessary equipment, delaying profitability for the time being. Argentina's abundant shale gas reserves position it as a strategic location for such operations, aiding in the reduction of methane emissions, as emphasized by Whitehead.

Collaborating with Exa Tech for onsite operations and Phoenix Global Resources for gas supply, Giga's initiative marks a forward step in sustainable Bitcoin mining. Established in 2019, Giga presently operates 150 megawatts worth of containers in Texas and Shanghai.

As Bitcoin mining firms brace for the impending halving event, slated for around April 20, shifts in global hashrate distribution are anticipated, with countries like Argentina and Paraguay emerging as promising mining destinations due to lower electricity costs, noted Hashlabs Mining’s Jaran Mellerud.