Texan bitcoiners start mining in Argentina, where peso is in freefall
Brent Whitehead and Matt Lohstroh at the first unit they built in east Texas.
Matt Lohstroh
The Argentine province of Mendoza is famous for its vineyards and full-bodied Malbecs. But the popular wine region in the foothills of the Andes mountains is also home to the world’s second-largest shale gas reserve called Vaca Muerta, which translates to “dead cow.”
For two Texas-based bitcoin miners, the oil deposit offers a dream resource: wasted energy.
Brent Whitehead and Matt Lohstroh, both graduates of Texas A&M University, have been mining bitcoin on the oil fields of East Texas since 2019. That’s when they founded Giga Energy with the goal of taking flared natural gas and turning it into electricity to run bitcoin mines, which are notoriously power-thirsty.
On Tuesday, Giga announced its first foray into Argentina, following expansion across the U.S. and into Shanghai. The company is partnering with Phoenix Global Resources, an oil and gas company with operations in Mendoza, and with IT services company Exa Tech to launch a two megawatt bitcoin mine on top of Vaca Muerta.
Giga’s system involves placing a shipping container full of thousands of bitcoin miners on an oil well, then diverting the natural gas into generators, which convert the gas into electricity that’s used to power the miners. The process reduces CO2-equivalent emissions by about 63% compared to continued flaring — or burning — of unused gas, according to research from Denver-based Crusoe Energy Systems. It also turns wasted energy into a valuable asset for oil producers.
“By capturing stranded natural gas to power modular data centers for energy-intensive computing, Giga is actively contributing to reducing global methane emissions,” Whitehead told CNBC in an interview. Whitehead comes from a long line of “wildcats,” a term used to describe those who engage in high-risk exploratory drilling.
On the small pilot site in Argentina, Exa Tech is handling operations on the ground, Phoenix Global is providing the gas and Giga is supplying the equipment.
Bitcoin mining operation in the prolific Argentinian oil patch.
ExaTech
Bitcoin mining is particularly lucrative whenever there’s a bull market in the cryptocurrency, making current market conditions particularly ripe for a buildout. Bitcoin has soared 170% in the past six months, touching multiple all-time price highs of late, a rally sparked in part by optimism surrounding the launch of spot bitcoin exchange-traded funds in the U.S.
The boom has helped buoy the share prices of publicly traded bitcoin miners. Riot Platforms more than quadrupled in value last year. CleanSpark jumped more than fivefold in 2023 and is up another 112% this year. Cipher Mining soared over 600% last year and has gained 27% in 2024.
Lohstroh told CNBC that Giga has generated over $10 million in revenue so far this quarter. It’s not the only miner that sees opportunity in Argentina, which ranks 12th on the list of the top global emitters of methane, according to World Bank data.
Crusoe, which helps oil companies like ExxonMobil convert flare gas into a useful resource, helped launch a bitcoin mine at Vaca Muerta in June, as part of an ongoing effort to reduce the energy waste and environmental impacts of natural gas flaring.
Giga’s mine is intentionally small to start and isn’t intended to be profitable yet. The company first wants to make sure it can successfully import all the necessary equipment before scaling the operation. The mine has been running a test since December, and Lohstroh estimates the site has mined in the range of $200,000 to $250,000 worth of bitcoin.
Giga projects the mine is set to reduce CO2 emissions by approximately 180,000 tons per year at the upstream facility. The site is also designed to sell any excess power to the Argentina grid as a way to both generate revenue and curb operational redundancies.
Bitcoin mining operation in the prolific Argentinian oil patch.
ExaTech
Crypto is popular in Argentina
It helps that bitcoin isn’t a hard sell in a country whose residents have long faced economic instability and wild currency fluctuations.
The government’s official figures show that annual inflation hit 211% in 2023, the highest in 32 years, further eroding the country’s purchasing power. Today, 2 in 5 Argentines live in poverty.
Vitalik Buterin, the co-creator of ethereum, previously told CNBC that crypto has far greater use cases in Argentina than in many other parts of the world, noting that he found coffee shops that accepted bitcoin and ether.
″When I visited Argentina back at the end of 2021, lots of people used crypto, lots of people loved crypto,” Buterin sad. “I literally got recognized on the streets of Buenos Aires more often than I got recognized in San Francisco.”
Argentina’s president, Javier Milei, said at the World Economic Forum in January that “shock therapy” is the only way to address the profound crisis facing his country. One tactic involved devaluing the national currency by 50% in an effort to curb inflation. Milei, who took over as president in December, has embraced bitcoin and has proposed dollarizing the economy, as well as abolishing the central bank and privatizing the pension system.
“We started this before Milei went into office,” Lohstroh said. “I think it’s pretty interesting that in lockstep, in stride, we’re turning this equipment online in the region, as it’s becoming dollarized and becoming more stable and giving real investment dollars into the economy.”
Federico Brom, Exa Tech’s director of business development, says Argentina has “basically banned imports” as a way to protect its currency. That could be a headwind for scaling the bitcoin mining business.
Still, Brom said he’s seen “a lot of support, a lot of hype and a lot of interest” in what they’re offering.
We are finally getting a look at Kia’s sporty new electric SUV. With starting prices under $30,000, the 2025 Kia EV5 GT Line looks ready to compete with the best in China.
Kia unveils the new 2025 EV5 GT Line electric SUV
Kia unveiled the new 2025 EV5 GT Line at the 2024 Guangzhou Auto Show, giving the already impressive electric SUV a stylish upgrade.
After introducing the EV5 last summer, Kia claimed it “brings a new era of electric mobility to the compact SUV sector.” The smaller electric SUV includes much of the advanced new tech and software in Kia’s flagship EV9 but in a more affordable package.
At 4,615 mm long, 1,875 mm wide, and 1,715 mm tall, the EV5 is a direct rival to Tesla’s Model Y (4,760 mm long x 1,921 mm wide x 1,624 mm tall).
Kia launched the EV5 in China last November, starting at just $21,000 (149,800 yuan), undercutting top-selling rivals like the Tesla Model Y.
Powered by a BYD Blade battery, the base EV5 is rated with 329 miles (530 km) CLTC range. The longer-range model, with an 88.1 kWh battery, gets up to 447 miles (720 km) CLTC range.
Now, we are finally getting a look at the upgraded 2025 EV5 GT Line model. As you can see, the GT Line treatment includes a sleek blacked-out exterior design with 20″ aluminum alloy wheels.
The AWD powertrain boasts up to 316 hp (233) kW for a 0 to 62 mph (0 to 100 km/hr) sprint in about six seconds. Kia’s new GT Line model gets up to 360 miles (580 km) CLTC driving range with fast charging (30% to 80%) in 27 minutes.
Kia upgraded the interior with a leather-wrapped two-tone steering wheel and other blacked-out elements. It also includes Kia’s next-gen ccNC infotainment system with dual 12.3″ center and driver display screens.
What do you think of the new EV5 GT Line? Should Kia launch it in the US? Let us know what you think in the comments below.
Source: TheKoreanCarBlog, AutoSpy
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As part of Zero Motorcycles’ new approach to affordability, the California electric motorcycle maker is increasingly relying on strategic partnerships in the industry to help lower costs and leverage production experience. Now we’re getting word that one of the company’s key partners, Hero MotoCorp, is closing in on its first Zero-enabled electric motorcycle model.
It’s giving a whole new meaning to “from Zero to Hero.”
Last year, Zero joined forces with India’s largest motorcycle maker, Hero MotoCorp, to develop a new electric motorcycle model. Zero obviously eyed Hero’s massive manufacturing footprint and decades of production experience, and it looks like that partnership is closer than ever to revealing the fruits of its labor.
“As far as EV motorcycles, as we have talked about, that we are developing in partnership with Zero Motorcycles. And that’s something that while we have not given out the timeline, but the work is in progress. And it will be coming in the middle-weight segment. I would say it’s in the advanced stage. We haven’t announced the timeline as yet, but we would be looking at something which would not be too far off,” explained Hero MotoCorp CEO Niranjan Gupta during the company’s Q2 earnings call with analysts.
While targeting the more sought-after middleweight market, Hero confirmed that the company would also produce a version for the more performance end of the motorcycling market.
Hero has massive production chops to its name, but the company is relatively inexperienced with electric two-wheelers. Hero has just two models of electric scooters currently available under its Vida brand, and no fully-fledged electric motorcycles of the style for which Zero is known.
Zero and Hero have yet to provide specifics about where such a motorcycle might land in the international market, but recent moves by the company could provide a few clues.
Last month, Zero announced that it had partnered with Chinese motorcycle maker Zongshen to produce its new Zero XE and XB electric motorcycles. The move comes as part of Zero’s recently announced “All Access” initiative, which is built around adding more affordable models to the Zero lineup. Priced at just US $6,494 and $4,195, the Zero XE and XB are the most affordable Zero bikes we’ve seen yet.
There’s more where those came from, too. Zero claims that it will have six unique models, all priced at under US $10,000, in the next two years.
Based on the advanced state of the Hero partnership bike, it’s likely that such a model could be revealed as part of Zero’s All Access program.
via Fortune
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California has proposed offering $7,500 state EV tax rebates to residents if Trump kills the federal EV tax credit, Governor Gavin Newsom (D-CA) announced today.
Trump has repeatedly said that he would eliminate the $7,500 EV tax credit for new vehicles and $4,000 for used vehicles created by the Biden administration’s Inflation Reduction Act if he won the election.
In response, Newsom today proposed creating a new version of the state’s Clean Vehicle Rebate Program, which launched in 2010 and was phased out in 2023. California started with a $5,000 rebate for EVs and increased to $7,500. During its lifetime, the Clean Vehicle Rebate Program funded more than 594,000 vehicles and saved more than 456 million gallons of fuel.
Newsom’s announcement says that funding for the state EV tax rebates could come from the “Greenhouse Gas Reduction Fund, which is funded by polluters under the state’s cap-and-trade program.”
Newsom said in a statement:
We will intervene if the Trump administration eliminates the federal tax credit, doubling down on our commitment to clean air and green jobs in California.
We’re not turning back on a clean transportation future – we’re going to make it more affordable for people to drive vehicles that don’t pollute.
Newsom’s announcement didn’t say how the rebates would work, but he’s expected to share more details during an appearance today. The governor would need the backing of the state legislature to revive the rebate program.
California continues to lead the US in zero emissions vehicle adoption, surpassing 2 million electric, plug-in hybrid, and hydrogen-powered vehicles sold across the state. By 2035, all new cars and light trucks sold in California must be zero-emissions vehicles, along with 50% of all new heavy trucks.
Read more: New CA smart grid law will help solar and fix the grid by… simply replacing wires
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