Argentine Government Raises Energy Costs for Crypto Miners Nearly 4x

The Argentine government has removed subsidies applicable to electricity used by cryptocurrency miners. That’s the decision made by the country’s energy minister on cryptocurrency mining, with miners now paying almost four times as much as before, according to the new Resolution 40/2022, published and officially announced on February 1. The new energy price for the Ushuaia and Rio Grande miners will be 5,000 ARS (or $47.50) per MW/H. Before the resolution, these miners were paying around 1,764 ARS (or $16.76) per MW/h. The reasoning behind the change is explained in the resolution, which states: "Due to the availability of payments and the profitability of the activity, it is deemed appropriate for these users to face energy price payments equal to the cost of supply, the price they pay to residential users or other users. is unfair.