Bitcoin + El Salvador + Volcano's = 100% clean energy mining

[aoluain]

I know its a naff thread title but El Salvador is looking to get into Bitcoin Mining
using geo thermal energy from their Volcano. This means the energy produced is
100% green and seemingly endless.

I dont think anyone this time last week would have put Bitcoin, El Salvador and
Volcano in the same sentence, might have got 2 out of 3 perhaps.

Hours after becoming the first nation to authorise bitcoin as a legal tender, El Salvador’s President Nayib Bukele instructed a state-owned geothermal electric company to plan to use geothermal energy from the country’s volcanoes for mining for the cryptocurrency.

https://www.independent.co.uk/life-style/gadgets-and-tech/el-salvador-bitcoin-mining-volcano-b1863065.html

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[aoluain]

I thought I would change the thread title to help attract some discussion and thoughts.

It looks like El Salvador is pressing ahead with this idea of mining using geothermal energy.

From their presidents twitter account they have already started with construction

I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋

https://twitter.com/nayibbukele/status/1402714926800674827?s=19

[ziennakarishma21]

Mining Bitcoin with clean energy is probably a trend of the future, but it must be said that Bitcoin mining takes a lot of resources and energy, because of that, Bitcoin mining with clean energy is probably There are still many potential problems to be solved.

[kano]

...
 and seemingly endless.
...

https://www.independent.co.uk/life-style/gadgets-and-tech/el-salvador-bitcoin-mining-volcano-b1863065.html

The original was about 3 MW, this link claims they've dug up another 95MW

So yeah give them a year or so to get that new one working ...

[DireWolfM14]

Nayib Bukele is the real deal.  The guy has done an amazing job cleaning up street gangs, and locking up extortionists.  But he's not short-sighted either, he knows he needs to do something about El Salvador's economy before something gets done about the US it's immigration problem.  There was a time when El Salvador's largest employers were drug cartels, and nearly 20% of their GDP was remittance.

Promoting his country's natural resources for something that's already being talked about in the news.  This is a great idea and his timing is impeccable.

[Tsub]

Nayib Bukele is the real deal.  The guy has done an amazing job cleaning up street gangs, and locking up extortionists.  But he's not short-sighted either, he knows he needs to do something about El Salvador's economy before something gets done about the US it's immigration problem.  There was a time when El Salvador's largest employers were drug cartels, and nearly 20% of their GDP was remittance.

Promoting his country's natural resources for something that's already being talked about in the news.  This is a great idea and his timing is impeccable.

I just hope they hurry so that colo facilities can open up for miner's of all sizes.  I am sure they will be looking for outside investment.  That may come from the big players and squeeze out the rest unless a data center group moves quickly.  Will be interesting!

T

[aoluain]

Nayib Bukele is the real deal.  The guy has done an amazing job cleaning up street gangs, and locking up extortionists.  But he's not short-sighted either, he knows he needs to do something about El Salvador's economy before something gets done about the US it's immigration problem.  There was a time when El Salvador's largest employers were drug cartels, and nearly 20% of their GDP was remittance.

Promoting his country's natural resources for something that's already being talked about in the news.  This is a great idea and his timing is impeccable.

I just hope they hurry so that colo facilities can open up for miner's of all sizes.  I am sure they will be looking for outside investment.  That may come from the big players and squeeze out the rest unless a data center group moves quickly.  Will be interesting!

T

and at a time when the "negative" mining news from China  might mean that miners
could look favourably to El Salvador if they can offer competitive rates and facilities.
They want to attract investment into the country with "very cheap" energy.

Definitely looks like Bukele has a future plan.

From the article in the OP

“I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos,” Bukele posted on Twitter.

[Tsub]

Nayib Bukele is the real deal.  The guy has done an amazing job cleaning up street gangs, and locking up extortionists.  But he's not short-sighted either, he knows he needs to do something about El Salvador's economy before something gets done about the US it's immigration problem.  There was a time when El Salvador's largest employers were drug cartels, and nearly 20% of their GDP was remittance.

Promoting his country's natural resources for something that's already being talked about in the news.  This is a great idea and his timing is impeccable.

I just hope they hurry so that colo facilities can open up for miner's of all sizes.  I am sure they will be looking for outside investment.  That may come from the big players and squeeze out the rest unless a data center group moves quickly.  Will be interesting!

T

and at a time when the "negative" mining news from China  might mean that miners
could look favourably to El Salvador if they can offer competitive rates and facilities.
They want to attract investment into the country with "very cheap" energy.

Definitely looks like Bukele has a future plan.

From the article in the OP

“I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos,” Bukele posted on Twitter.

I have talked with a variety of hosters in green locations like Iceland, Canada, Washington state, etc and they are all sold out / full.  There are new private facilities being built by the big guys for their own use, but the options for colo for smaller miners is limited.  I have found one that is predominantly wind but its not as clean as geo/hydro, but its available. 

Lots of searching, lots of building!  So hopefully El Salvador gets their built quickly and opens it up to all, not just the big boys.

T

[DAbakur]

It's possible, I doubt that El Salvador will be able to scale, and accomplish anything meaningful in a ti.wly manner. I hope I'm prooved wrong, I just don't see it. What I do see is Chinese miners moving down  to Texas, where electricity  and land is cheap, and atleast Biden will use red white and lube when he fucks ya.. better than the sharp rusty radioactive, lead dildo they're used to from China... (social credit just got demoted;I'm no longer allowed to visit China:-()

[usernameyaya]

It is a wise choice to use clean energy, and I hope it can be realized as soon as possible. But I worry that this day will not come soon. After all, technological advancement is required, and docking mining is required