Argentina Presidential Candidate Proposes Mining Bitcoin With Residual Natural Gas, Faces Skepticism
Argentina’s presidential hopeful Sergio Massa unveiled plans to utilize excess natural gas from the Vaca Muerta oil fields to mine Bitcoin. However, following his proposal, the local crypto community opposed the government’s direct involvement in Bitcoin (BTC) mining.
In late October, Massa proposed plans to use surplus gas from Vaca Muerta Formation commonly known as ‘Dead Cow.’ The plant is well known as the host rock for major deposits of shale oil and shale gas.
The proposal was presented by computer scientist Santiago Siri in a meeting last week with Massa, the Minister of Economy. The meeting, shared on Instagram, received a large amount of criticism, raising red flags on other social media.
According to a report by local media criptonoticias, Siri discussed Bitcoin characteristics, including the projection of it as digital gold. He also highlighted that Bitcoin is a deflationary currency with only 21 million units in circulation.
Massa was receptive to mining bitcoin using residual gas from Vaca Muerta, during the call.
The meeting followed growing criticisms from the local crypto community, particularly after Siri presented a prototype of Argentina’s CBDC. Critics from the community posted on social media, comparing the CBDC to UBI, a token launched by the Argentine scientist. Apparently, it lost 99% of its value within 24 hours of its launch in 2021.
A Venezuelan developer Francisco Calderón wrote on X (Twitter) which translates to, “God raises them and they get together.” The developer also posted a meme that called the meeting a “rug pull.”
Dios los cría y ellos se juntan https://t.co/8In1SDPD2C pic.twitter.com/bmBS3zGyCr
— Francisco Calderón
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