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Too profitable – Argentina raises electricity prices for crypto mining



 To adequately offset the burden of crypto mining on the electricity grid, mining companies in Argentina are now being asked to pay.


The Chinese government's crackdown on the world's leading domestic mining industry has inevitably forced mining companies out of the "Middle Kingdom". Lured by the prospect of cheap electricity, some have relocated to Argentina . Now, however, the government of the South American country is turning the screw on costs and is increasing the prices for crypto miners, at least in the province of Tierra del Fuego.


The Argentine Ministry of Energy and Economy has already announced a resolution that would no longer state subsidies for electricity for crypto mining in the region concerned. This would suddenly quadruple the electricity costs for mining companies.


As the resolution explains in its justification, the energy consumption of mining companies is constantly high all year round. This in turn results in “challenges for the power grid and the connected regions”.


Since the business is very profitable for the miners, it is time that they bear electricity costs that are “truly reasonable for their consumption”. Accordingly, it would be unfair for miners to enjoy the same government subsidies as private individuals.


The planned regulatory measures would initially only affect mining companies in the province of Tierra del Fuego. However, this is known for its comparatively cold climate, which is why it is all the more attractive location for miners, as this saves costs for cooling mining hardware.


The Russian Oblast of Irkutsk has recently noticed a disproportionate load on the regional power grid from bitcoin mining, which makes proper and stable operation all the more difficult.


But not only governments and authorities are currently causing problems for the industry, but also nature. A snowstorm in Texas recently caused a mining company in the region to decide to temporarily almost cease operations in order to avoid an additional load on the energy grid in times of crisis.

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