Zapala Free Zone Offers New Opportunities for Bitcoin Miners in Argentina

The Zapala Free Trade Zone in the Argentine province of Neuquén will receive its first bitcoin mining-related investment. The area is targeted to have 114 megawatts of installed capacity by 2023 to transform the area into a Bitcoin mining hub.

Bitcoin mining in the region is incentivized because Zapala, which is a free zone, does not collect taxes for the use of public services. A $20 million investment will be considered for the project, which is expected to be completed in the first quarter of 2023, according to a business plan to be submitted to provincial authorities.

According to reports, Argentina’s main selling point is the low cost of electricity used to mine Bitcoin. Bitfarms reportedly secured a price of 2.2 cents per kilowatt-hour, which CEO Emiliano Grodzki described as an “attractive price.”