Bitcoin miners in Argentina are using government subsidized electricity. Even after Bitcoin’s recent price adjustment, the electricity bill of anyone working from home is still only a small part of the total income.
In addition to cheap electricity, the prohibition on buying U.S. dollars also leads to More Argentines Bitcoin started mining.
The value of Bitcoin in the local market even rose to 5.9 million pesos, while the official exchange rate was about 3.4 million pesos.
Although Argentina is a net importer of natural gas, consumer electricity bills account for only 2% to 3% of average monthly income, which is much higher in other Latin American countries such as Brazil, Colombia or Chile.
This is why more and more Bitcoin miners are looking to Argentina, especially now that China wants to impose various restrictions on miners.
Canadian Bitfarms has signed an agreement with a local power plant to handle 210 megawatts of natural gas power.