In a recent development, renowned crypto journalist Colin Wu, through the Wu Blockchain X platform, revealed that Unblock Global, a Bitcoin mining entity, secured $15 million in funding. The company intends to leverage Argentina’s Vaca Muerta shale gas, the world’s second-largest reserve, for Bitcoin mining, partnering with significant energy firms like Crusoe Energy, Pampa Energia, and Petrocuyo for the financing.
The company, positioning itself as the globe’s second-largest flared gas Bitcoin miner, elaborated that the raised capital would be allocated towards enhancing oil production sourced from Argentina’s Vaca Muerta. This considered the world’s second-largest shale gas reserve, aligns with their goal of reducing emissions while expanding their operations.
Flared gas is the excess oil that is burned into the atmosphere instead of used for other purposes. It is a common problem associated with oil production, especially in countries with a high demand for energy but not enough capacity or transmission infrastructure to handle it.
Flaring wastes valuable resources and contributes to global warming and air pollution. According to the International Energy Agency (IEA), flaring emitted about 321 billion tonnes of carbon dioxide equivalent (CO2e) in 2023, a 0.9% increase by 2022.
Strategic Funding For Sustainable Bitcoin Mining
Unblock Global is one of the companies that has adopted this strategy. The company said it raised $15 million from Crusoe Energy, Pampa Energia, and Petrocuyo, three major energy companies in Argentina.
The capital raise was conducted by Unblock Computos, a branch of Unblock Global that focuses on developing and operating Bitcoin mining facilities using flared gas.
The firm intended to utilize the raised funds for increased oil production from Vaca Muerta while aiming for reduced emissions. Additionally, they emphasized plans for generating employment opportunities and fostering economic growth within local communities. Co-founder of Unblock Global, Tomas Ocampo, proudly asserted, “We stand as the world’s second-largest flared gas Bitcoin miner.”
He emphasized his company’s target to generate $200 million worth of oil from Vaca Muerta, utilizing methods that result in lower emissions than conventional approaches. Marc Stanley, the U.S. ambassador to Argentina, expressed appreciation for the initiative, commending Unblock Global and its collaborators for innovatively harnessing methane to produce electricity while contributing positively to the environment.
Stanley applauded the collaborative efforts between American and Argentine companies, praising the “brilliant minds” at Crusoe and Unblock for their innovative discovery of leveraging methane to generate sustainable electricity
Related Reading | S&P Global Ratings Launches Stablecoin Stability Assessment