It is a bad time for cryptocurrency miners in China, New York, and Iran, but it would be wrong to say that the crypto miners are out of business. The crypto mining business is flourishing in Argentina due to cheap and subsidized electric power in the country. According to the reports of Bloomberg, the cryptocurrency miners of Argentina are enabling huge returns from the strictly regulated sector of electric energy. The enormous mining farms are obtaining rich rewards with the help of electric power from Argentina’s energy sector. Electricity is provided in ample quantities to domestic crypto mining equipment and the large-scale creation of cryptocurrencies.
The sudden flourish in crypto mining seems to be in favor for the economy of Argentina. It has made the Bitcoin price surge amid the crises of inflation, recession, and stringent limits on foreign currency trading in the country. As per local news reports, almost a million Argentinian citizens have invested in crypto assets since the beginning of 2021 to fight the ever-deepening financial crisis.
To add to the crypto mining boom in Argentina, Bitfarms, the cryptocurrency mining corporation of Canada, has announced the construction of an electric power facility of 60 megawatts in Argentina. The Canada-based company also stated that the facility would provide a higher power of 210 megawatts that would help in driving more than 55,000 cryptocurrency mining machines. With such convenient access to electric power, Argentinians are not only investing in Bitcoin but are also seeking to trade in stablecoins at Bitso, the crypto exchange forum of Mexico. Daniel Vogel, the CEO of Bitso, reported to CoinDesk TV that there has been a prominent surge in demand for stablecoins dominated by the US Dollar like USD Coin and Tether.