The Energy Secretary of Argentina removed electricity subsidies for cryptocurrency miners, raising the value of energy to pretty much 4x what the miners had been spending right before. The evaluate affects customers of the wholesale power market in the Tierra del Fuego province, one of the provinces more notably occupied by miners in the state because of to its precise local weather traits.

Argentina Eliminates Subsidies for Cryptocurrency Mining

The federal government of Argentina has removed the subsidies that utilized to electrical power applied by cryptocurrency miners. This is the decision that the Electricity Secretary of the nation took with regards to cryptocurrency mining, and in accordance to the new 40/2022 resolution, revealed and manufactured formal on February 1st, miners will now fork out nearly 4 times what they did before.

The new selling price of vitality for miners in Ushuaia and the Rio Grande will be 5,000 ARS (or $47.50) per MW/H. Just before this resolution was printed, these identical miners have been paying about 1,764 ARS (or $16.76) per MW/h. The purpose powering the modify is defined in the resolution, which declares:


Due to the availability of payment and the profitability of the action, it is thought of opportune that these consumers experience the payment of the selling price of electricity equivalent to the cost of offer, becoming inequitable that they pay the price of a household consumer or another.


The resolution has an effect on miners positioned in the Tierra del Fuego province, in which most miners are positioned in Argentina thanks to the chilly local weather that lets the establishment of mining farms with no intensive cooling capabilities.


Cammesa Faces a Obstacle

Cammesa, which is the electrical power wholesaler organization of Argentina, faces a obstacle seeking to determine which sources are using the electricity equipped for cryptocurrency mining reasons. In the course of inquiries carried out final year, the company managed to recognize two cryptocurrency mining amenities in the zone. About this obtaining, a source familiar with the subject advised regional newspaper La Nacion:


Monitoring is currently being accomplished at the nationwide degree. These are the initial that we detect with applicable energy. People that use a home connection are much lesser and really complicated to discover.


Whilst there is no formal details on the topic, nearby electrical power firms seem to be to all concur on just one thing: more and additional folks and providers are mining cryptocurrencies due to the very low price tag of strength that is backed at around 70% by the point out.

What do you believe about the increase in power fees for cryptocurrency miners in Argentina? Explain to us in the remarks part below.

Sergio Goschenko
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