Bitcoin Mining Surges In Argentina

Bitcoin miners in Argentina are taking advantage of the country’s shrinking economy and its debased currency to harvest oversized returns, powered by cheap, government-subsidized energy, Bloomberg reported.

“Even after Bitcoin’s price correction, the cost of electricity for anyone mining from their house is still a fraction of the total revenue generated,” Nicolas Bourbon, who has experience mining bitcoin from Buenos Aires, told Bloomberg.

Miners are capitalizing on Argentina’s cheap residential electricity due to intense government subsidies that seek to win political points with voters.