The Argentine crypto community is split on whether or not they approve of presidential candidate Sergio Massa’s proposal to start Bitcoin mining.
According to local news portal CriptoNoticas, Argentine presidential candidate Sergio Massa has split the crypto community with his proposal to leverage the country’s natural resources to increase Bitcoin mining operations.
In fact, Massa said in late October that he intends to generate Bitcoin using surplus natural gas from the Vaca Muerta oil reserves. A computer scientist named Santiago Siri reportedly made the offer to the applicant.
Following the announcement, Massa’s intentions have split Argentina’s crypto community over whether the move will help the nation. Proponents of the plan point out that diverting surplus gas to Bitcoin mining instead of flaring or venting it is a win-win situation.
Some have argued that the government shouldn’t try to implement the plan since it is too costly, complicated, and technologically advanced.
CEO of Vaca Muerta-based Bitcoin mining business Cryptogranjas José Mara Sarasola told CriptoNoticas that the proposal’s drawbacks outweigh its positives. While he acknowledged that Bitcoin mining may be profitable, he also pointed out that the industry has been hurt in recent years by high operating expenses and price volatility.
In a comparable manner, Argentina President Ricardo Mihura has advocated for the state to actively promote Bitcoin mining investment rather than engage in the industry itself. He also said that niche businesses are more equipped to handle the associated financial risks.
In addition, Argentina co-founder Rodolfo Andragnes advocated that the government should implement incentives like tariffs and import restrictions to stimulate private mining initiatives. He said this is preferable than having the government become involved in the industry directly.
With the second round of the presidential elections slated on 19 November, Massa has emerged as one of the favorites for the top position. A former finance minister before running for president. Massa is also well-known for his vocal advocacy of cryptocurrency use and advancement in his native South America.
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