As the crypto market has been struggling with the ongoing decline for several weeks, Bitcoin (BTC) miners in Argentina are starting to take advantage of the chaotic energy policies and grow, according to a report published on Monday.
According to Bloomberg’s news published in the Buenos Aires Times, mining activities in Argentina; started to rise due to factors such as currency controls, energy subsidies and rising inflation.
The combination of these factors has also attracted international attention. Canadian mining company Bitfarms Ltd. has decided to build the largest mining facility in South America. Bitfarms announced in the past months that a Bitcoin can be produced at the new facility at a cost of about $ 4,000.
“Even though the Bitcoin price is at its lowest in recent months, BTC mining activities in Argentina are still making a profit as energy costs are so low,” Cointelegraph Writer Agustin Beltramino said in an interview.
Still, Beltramino warned families rushing to buy mining hardware and said the apparent costs could be more prohibitive than expected.
Beltramino said, “The truth is that even though energy is cheap in Argentina, not everyone can make a profit overnight. “Mining power is key in calculating profits from mining in Argentina,” he explained.
“The real winners are those who have been mining for a while, because they may have already paid off their mining hardware. Those who are new to cryptocurrency mining can start making profits in the medium/long term.”