Blockchain

In the callback, Argentine Bitcoin miners flourish

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Although the broader crypto market is suffering from a painful downturn, a new report today shows that Bitcoin miners in Argentina are booming when they take advantage of intricate energy policies.

Report from Bloomberg reprint According to the Buenos Aires Times, residential mining is picking up due to a variety of factors, including currency controls, energy subsidies and rampant inflation.

The favorable combination of conditions has even attracted international attention as the Canadian mining company Bitfarms Ltd. hopes to establish part of a project that will reportedly become the largest mining business in South America. The country’s booming crypto business scene. Earlier this year, Bitfarms estimated that the new facility could Mining BTC at a cost of slightly more than $4,000 per coin.

Agustin Beltramo, an international crypto reporter at Cointelegraph, said in an interview: “Although the price of Bitcoin is at its lowest level in the past few months, it is still profitable to mine BTC in Argentina due to lower energy costs in dollars.”

However, Beltramo cautioned families not to rush to purchase mining equipment, saying that the upfront cost may be higher than some people expected.

“The reality is that despite the cheap energy prices in Argentina, not everyone can see profits overnight. Mining capacity is a key factor in calculating the income of mining in Argentina,” he said.

“Those who have been mining for a while are the real winners because they have had mining equipment for a long time, and assuming they have amortized it. Those who have just started cryptocurrency mining will be in /See profit in the long run.”

For Argentines seeking passive income, a cheaper option may be Operating Lightning Network Node, However. The Argentine Bitcoin advocate Nicolas Bourbon cited in the report is a strong supporter of Tier 2: