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Argentina’s presidential candidate Juan Jose Aranguren is facing criticism for his proposal to mine Bitcoin with excess natural gas. Aranguren admitted the mining of cryptocurrencies has been intensifying due to their increased value. He proposed that using residual natural gas would be a way for the state to benefit from the activity and create new jobs.
Critics of the proposal have argued that the activity would be energy intensive, and that the profits of mining Bitcoin would be far lower than the cost of mining. They have also argued that the activity could hurt the environment by encouraging the increased emissions of natural gas, as well as its volatile prices. In addition, some have contended that mining cryptocurrency has no tangible benefit for citizens, and could lead to scams and money laundering.
Despite the criticisms, Aranguren has defended his proposal, stating that cryptocurrency mining could help bridge the country’s economic gap and create jobs. He has also argued that the activity could help decentralize the economy and increase transparency in government operations.