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Crypto Miners Threaten Frail Energy Grid at the End of the World

  • Crypto mining to absorb near 25% of Tierra del Fuego’s grid
  • Local authorities warn that electricity system ‘at the limit’
A bus with an advertisement for the Buenbit cryptocurrency exchange in Buenos Aires, Argentina, on Thursday, March 3, 2022.
A bus with an advertisement for the Buenbit cryptocurrency exchange in Buenos Aires, Argentina, on Thursday, March 3, 2022.Photographer: Sarah Pabst/Bloomberg
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Argentina’s crypto frenzy is putting the energy grid of a small province in Patagonia near a breaking point as miners take advantage of generous electricity subsidies to mint Bitcoin.

Crypto mining is expected to consume close to a quarter of all electricity supply in the Tierra del Fuego province, which includes the world’s southernmost city Ushuaia, in the next few months until October, according to a report by Argentina’s state-run electricity wholesaler Cammesa.