The Zapala Free Trade Zone in Argentina’s Neuquen province will reportedly 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, a free zone, does not collect taxes for public services. According to a business plan to be submitted to provincial authorities, a $20 million investment will be considered for the project, which is expected to be completed in the first quarter of 2023. 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.”
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