Argentina's electricity subsidy policy drives residents to turn to Bitcoin mining, with the electricity cost of the largest mining farm in South America being only 2 cents

According to BlockBeats, on June 1, Bloomberg reported that amid economic uncertainty and the government's massive electricity subsidies, more and more Argentine residents are turning to Bitcoin mining. It is said that electricity costs account for only 2-3% of the average monthly income of Argentines, and with government subsidies, electricity prices are much lower than in other parts of South America. Last month, Canadian company Bitfarms Ltd. said it had reached a direct partnership with a local natural gas power plant to purchase up to 210 megawatts of electricity to operate the largest Bitcoin mine in South America. It is understood that the price of electricity per kilowatt-hour is only $0.022.