Crypto Mining in Argentina becomes costly after a new law. As authorities of Argentina stated that “ the current challenges to the infrastructure of the concession area to which they are linked”
After china’s major crackdown on crypto mining. Many crypto miners shifted to different locations and spread worldwide. However, some reached Argentina due to two reasons. As the first one was its cold climate as well as, the second one was its cheap crypto mining energy fees.
However, recently the government has announced that it has implemented new energy charges. For the crypto-miners in Tierra del Fuego, Argentina.
New Law For Crypto Mining In Argentina:
The Energy Secretary Of Argentina of the ministry of economy presented and poted a new law 40/22. That eliminates the government energy subsidies for energy use in crypto mining. Now, the newly implemented energy charges have made crypto mining 4x more expensive as compared to previous energy charges.
According to the new resolution, crypto mining obtains continuous, and intense energy consumption. And that results in “current challenges to the infrastructure of the concession area to which they are connected”
Further, the new resolution narrated that crypto mining is an advantageous activity, with available payments. So it is necessary on the crypto miner to pay the rate that equals to the price of supply.”
However, this new resolution will only influence the crypto mining activities occurring in the region of Tierra del Fuego, Argentina. Additionally, its cold weather makes it easy for crypto miners to maintain the temperature of mining tools.
The News source is Cointelegraph.
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