Report: Amid pullback, Argentinian Bitcoin miners Flourishing

Institutional miners and hobbyists alike are taking advantage of energy subsidies to cash in.
While the broader crypto market suffers through a painful slump, a new report now indicates that Bitcoin miners from Argentina are flourishing as they take advantage of convoluted energy policies.¬† A report from Bloomberg News from the Buenos Aires Times claims that residential mining is still now picking up because of a mix of factors, including currency controls, energy subsidies, along with rampant inflation. The favorable mix of states has brought in global attention as Canadian mining firm Bitfarms Ltd. looks to put up what will reportedly be the largest mining operation in South America — part of a booming crypto business scene throughout the country. Earlier in the past, Bitfarms estimated that the new centre could mine BTC in a cost of only $4,000 per coin. “Though the purchase cost of bitcoin is in its lowest level in the last few months, even mining BTC in Argentina remains rewarding because of the very low cost of energy in dollars,” said Agustin Beltramo, a worldwide crypto reporter for Cointelegraph within an interview. But, Beltramo cautioned against households rushing out to purchase mining equipment, saying that the upfront costs can be more prohibitive than some expect. “The truth is that although energy in Argentina is cheap, not everybody is going to observe gains overnight. Mining energy is an integral component in calculating the advantages of mining in Argentina,” he explained. “People who’ve been mining for a while are the actual winners, since they have had mining equipment for quite a while and it is assumed they have amortized it. People who are only getting started in cryptocurrency mining may find gains from the medium/long term” One more economical alternative for Argentines looking to make passive income might be operating a Lightning Network node, however. Nicolas Bourbon, an Argentinian Bitcoin advocate quoted from the analysis, is a vocal proponent of this layer 2:Muchos se preguntan sobre Lightning.

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