El Salvador to mine bitcoin using Volcanic energy

[suzanne5223]

The president dream may just become a reality. According to his tweets in June, he said the country's engineers had dug a new well to provide around 95 MW of green energy, backed by natural volcanic resources. 95MW is no joke. It will yield profit!

Absolutely and I hope those who are the naive citizen of El Salvador used by the political opponent to vandalized the Bitcoin ATM understand the true intention of their President to make the country well recognized by the world and the crypto enthusiast cause with all this I can see a lot of crypto miners choose the country as one of their next destinations.

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[dunfida]

The president dream may just become a reality. According to his tweets in June, he said the country's engineers had dug a new well to provide around 95 MW of green energy, backed by natural volcanic resources. 95MW is no joke. It will yield profit!

Absolutely and I hope those who are the naive citizen of El Salvador used by the political opponent to vandalized the Bitcoin ATM understand the true intention of their President to make the country well recognized by the world and the crypto enthusiast cause with all this I can see a lot of crypto miners choose the country as one of their next destinations.

For sure it would really hooked up those miners basing on the legality and the source of energy on where they could really make use on mining.I have seen that recent issue about breaking or vandalizing a bitcoin atm

and that was only 1 out of 200 atms which means it isnt really that much of an issue.It is really just great to see that El salvador and its president is really serious on full integration of bitcoin
in the said country.

this would be a catalyst for other possible countries that would do the same path or decision.

[Vaculin]

The president dream may just become a reality. According to his tweets in June, he said the country's engineers had dug a new well to provide around 95 MW of green energy, backed by natural volcanic resources. 95MW is no joke. It will yield profit!

Absolutely and I hope those who are the naive citizen of El Salvador used by the political opponent to vandalized the Bitcoin ATM understand the true intention of their President to make the country well recognized by the world and the crypto enthusiast cause with all this I can see a lot of crypto miners choose the country as one of their next destinations.

What they did is all about politics, everywhere in the world you can see that not all people will support the leaders especially when there is an issue with the system. And what happens to El Salvador is an example. Yes, we don't find it wrong as his intention is to help their economy to grow but the question is how he spends their money on this.

Some people will just think about corruption, some will also think it is a waste of money. These people will just change their insights once they found success in what the President did now, that gonna be a part of the challenge. So he must have to pursue his plan just to prove them that they are wrong.

[Oceat]

The president dream may just become a reality. According to his tweets in June, he said the country's engineers had dug a new well to provide around 95 MW of green energy, backed by natural volcanic resources. 95MW is no joke. It will yield profit!

Absolutely and I hope those who are the naive citizen of El Salvador used by the political opponent to vandalized the Bitcoin ATM understand the true intention of their President to make the country well recognized by the world and the crypto enthusiast cause with all this I can see a lot of crypto miners choose the country as one of their next destinations.

For sure it would really hooked up those miners basing on the legality and the source of energy on where they could really make use on mining.I have seen that recent issue about breaking or vandalizing a bitcoin atm

and that was only 1 out of 200 atms which means it isnt really that much of an issue.It is really just great to see that El salvador and its president is really serious on full integration of bitcoin
in the said country.

this would be a catalyst for other possible countries that would do the same path or decision.

Perhaps, deflation? lol

I don't know maybe some country would follow but they should never underestimate the market especially when there are whales. The El Salvador president might be laughing right now or chilling but I don't have any idea what would their president would do especially in bearish season?

I'm just amazed how they would make electricity on a volcanic energy but if they could do it why other countries wouldn't do it too? Too much coal and fossil fuels is causing the planet to get warmer and warmer that is causing the green house effect.

[uneng]

It's hard to opine about the president's intentions and execution of the announcements made on his twitter because most of us aren't in El Salvador to see through our own eyes how reality works there. We have to keep in mind twitter has become a powerful political propaganda tool for presidents who don't have the support of traditional medias in their own countries and like in every political propagandas, there is always some artificiality to make the eyes' of the audience shine for the politician's actions.

Without any doubts most reactions are positive regards this idea, but at same time I don't understand why the effort isn't the same to make energy reachable to family houses which still lack this basic service and to decrease the costs of electricity not only for bitcoin mining, but especially for the common citizens.

[verita1]

The use of volcanic energy to mine bitcoins in El Salvador would be a novel case study.
The news is in various digital media and describes how this stage will work in the adoption of bitcoin in the country.

If the international public opinion aware of bitcoin supports this plan by President Nayib Bukeke of El Salvador as well as his fellow citizens who support its management.

Something so novel that we are seeing is progress for the nation, we can agree based on our own experience because we have discovered that investing in bitcoins and cryptocurrencies has improved our lives.

Obviously, like any country in the world, there are problems, not results, that should be addressed to improve the quality of life of its inhabitants.

https://www.coindesk.com/learn/2021/09/29/el-salvadors-bitcoin-volcano-can-be-a-model-for-cleaner-crypto/

[famososMuertos]

The message here is that simply governments (obviously if they can) should with regulations and sustainable alternatives allow mining:
Volcanode¹

Although Bukele is still "humorous" in his statements, this does not take away from the seriousness of his mention;  So "governments" let's add alternatives, not only regulations

In another order of related ideas, it is not very clear what the matter will be with third parties; foreign investors and the Salvadorans themselves...

^{[1]@nayibbukele
https://twitter.com/nayibbukele/status/1442953678525067265
4:45 PM · Sep 28, 2021·Twitter for iPhone}

[ranochigo]

Using geothermal energy to mine Bitcoin is a wonderful innovation

Basically you're saying using renewable energy to mine Bitcoin is a wonderful invention

I believe he was indeed the coolest dictator in the world as he self-proclaimed because he taking Bitcoin to the next level and showing every country leader what they are missing by not joining the cryptocurrency scheme.

Do you know the socio-political landscape there? Do you know what a dictatorship is? Why do people think that everything is well just because the country decides to recognize Bitcoin as a legal tender, it doesn't mean that the issues within the country disappears. No one else missed out on anything by not recognizing Bitcoin as a legal tender, people are free to use it to transact and it is certainly not at the capacity to support mass adoption either.

There are still some people in El Salvador that understand the President's intention and those we see in the news that vandalized the Bitcoin ATM are just political opponents doing.

Perhaps you need to do some research about their economy first. Dismissing the protest this way, just because you're a Bitcoin supporter is quite disgusting. Having people saying something like this just means that his distraction worked.

A country is done for if a president openly calls themselves a dictator, nevermind the coolest.

[iTradeChips]

Looks like we are now seeing the beginnings of government adoption of Bitcoin. The government of course has the political will to make things happen. Meaning they have the machinery and the manpower to move things to bring miners into the country and be able to mine Bitcoin using the country's resources. Imagine having the support coming from the government, this will definitely attract these miners from moving into their country instead of others.

[gabbie2010]

Well I think it a good idea if El Salvadoreans government can  adopt that method of mining bitcoin the better in as much it doesn't have any effect on degradation of the greenhouse or brings about the climate change and global warming which some Bitcoin opponents has always used to tarnish it mining, afterall the heat from the natural volcanic eruption is being utilized to generate electricity, the country sole action will encourage or attract miners from China to emigrate to their country thus boost social economy of the country.

[Kong Hey Pakboy]

Looks like we are now seeing the beginnings of government adoption of Bitcoin. The government of course has the political will to make things happen. Meaning they have the machinery and the manpower to move things to bring miners into the country and be able to mine Bitcoin using the country's resources. Imagine having the support coming from the government, this will definitely attract these miners from moving into their country instead of others.

Even if they have the ability to enforce, they still have to make sure that the public has to agree with what they're doing. But given that an average person is dumb and has a low critical thinking skill, I am pretty sure that we will eventually see the public embracing bitcoin.

[traderethereum]

Looks like we are now seeing the beginnings of government adoption of Bitcoin. The government of course has the political will to make things happen. Meaning they have the machinery and the manpower to move things to bring miners into the country and be able to mine Bitcoin using the country's resources. Imagine having the support coming from the government, this will definitely attract these miners from moving into their country instead of others.

Even if they have the ability to enforce, they still have to make sure that the public has to agree with what they're doing. But given that an average person is dumb and has a low critical thinking skill, I am pretty sure that we will eventually see the public embracing bitcoin.

I think that can give a chance for their people to follow what the government did to mine bitcoin.
If they see that using hardware to mining crypto can be their additional way to earn more money, they will use it.
But on the other side, it needs to check its infrastructure before applying in its country.
But I am sure that it will be a good step for the government to convert their resources to the newest resources, especially electricity.

[cafucafucafu]

I think that it's just a fad.

If this was a viable source of electricity, why hasn't this been done earlier on a large scale?

Reminds me of the many ice rock mining operations that popped up during the 2017 bull run that inevitably collapsed because they weren't scalable, profitable or anything of the sort. They only existed for one goal and that is to generate investment & publicity.

[noorman0]

I think that it's just a fad.

If this was a viable source of electricity, why hasn't this been done earlier on a large scale?

Reminds me of the many ice rock mining operations that popped up during the 2017 bull run that inevitably collapsed because they weren't scalable, profitable or anything of the sort. They only existed for one goal and that is to generate investment & publicity.

I've never heard of it and no information on google I found except icerockmining is this what you mean?
Volcanic energy mining isn't a corporate brand, it's an official operation of Elsalvador and really makes use of real resources. Distinguish with the brand you mean (cmiiw), a private project accompanied by the creation of new useless altcoins.

[slaman29]

Yes I agree with most of you, this is just a fad. Don't get me wrong guys I am all for clean energy and everything but this is not the point of Bitcoin in El Salvador. I think we saw already people got angry there because they felt they were not being helped by Bitcoin. Better to use the volcanic energy to give free power to the people, so they can save more money and buy their own Bitcoin or even propose to use it to heat people's homes for free or for cooking or whatever. And use the savings to build your economy.

[Rizzrack]

Reading through an article in Spanish today (*), it seems that the mining equipment arrived last Sunday. The container in the image has "Gobierno de El Salvador" written on it, so I presume that this particular the mining farm is going to be exploited by the Government (as opposed to a private investment), although that is my speculation.

Would make sense the first "volcanode" would be state owned and future ones for private exploitation.

I'm not sure how it's harvested though. If it's via hot springs it's easy. Else it's them who had to find a way to heat the water using the geothermal energy.

But from my understanding they already have power plants running on this principle, all they've done for now was to bring miners use that energy (and maybe produce some extra for those miners).

This plant was initially presented as the center of a Bitcoin mining hub. I assumed it was mostly built for mining... yes, all 109MW of it  
Understood they drill 1-3 km wells until they find underground springs. They have two dozen active volcanoes so there's plenty where this came from.
It also has lots of byproducts like heat, water etc. Saw they use them to dry fruit, water crops and probably other use cases.

They officially started stacking those sats!
Vulcanode FTW 


https://twitter.com/nayibbukele/status/1443832539496525852?s=20

[Reatim]

lucky those countries that has many Volcanoes in their region because now that El Salvador is going to be the very first one to initiate this?
surely others will follow , and actually i am eyeing for my country to follow this footsteps because we have more volcanoes here and many are active as well.

I think that it's just a fad.

If this was a viable source of electricity, why hasn't this been done earlier on a large scale?

Because none have the guts doing such , and why calling it as a FUD actually not FAD.

we will see if This country succeed in this one then sure more will feel bitter then .

[Slow death]

El Salvador to mine bitcoin using Volcanic energy, how cool is that? (no pun intended).

it will be a government mining company, created and managed by the government, the workers of the mining company will be government employees. if things go that way, i wonder when private miners enter El salvador what will the competition be like? How will the incentives for the privates in relation to the source of electricity be compared to the government miners? if he is a dictator then things will only get more complicated for competition

El Salvador paving the way for "volcanode", Lol.

 

i hope that in some time it doesn't become china

[terciduk123]

Maybe this is not the first time mining uses volcanic energy, but I just heard about this, Mining like this should provide more benefits for miners, because it uses natural energy, but we don't know the exact process.
I am really curious about their mining results, I hope there is a public report for their mining results, so we can know the effectiveness of mining using volcanic energy.

[suzanne5223]

Absolutely and I hope those who are the naive citizen of El Salvador used by the political opponent to vandalized the Bitcoin ATM understand the true intention of their President to make the country well recognized by the world and the crypto enthusiast cause with all this I can see a lot of crypto miners choose the country as one of their next destinations.

[snip]
I have seen that recent issue about breaking or vandalizing a bitcoin atm

and that was only 1 out of 200 atms which means it isnt really that much of an issue.

I don't know how relevant this information was but what I read in the news is that at least one Bitcoin ATM was set fire to burn and destroy. However, it is nice that everything seems under control now.

It is really just great to see that El salvador and its president is really serious on full integration of bitcoin
in the said country.

this would be a catalyst for other possible countries that would do the same path or decision.

Yes and I like the fact that El Salvador is an inspiration to some countries that feel skeptical about Bitcoin. Besides, the race of Central Banks creates their own CBDC seems to be fast these days.

Using geothermal energy to mine Bitcoin is a wonderful innovation

Basically you're saying using renewable energy to mine Bitcoin is a wonderful invention

No, I was is a wonderful idea cause there's a lot of natural thing in our environ that can be used for the betterment of humanity but people don't make use of it.

I believe he was indeed the coolest dictator in the world as he self-proclaimed because he taking Bitcoin to the next level and showing every country leader what they are missing by not joining the cryptocurrency scheme.

Do you know the socio-political landscape there? Do you know what a dictatorship is? Why do people think that everything is well just because the country decides to recognize Bitcoin as a legal tender, it doesn't mean that the issues within the country disappears. No one else missed out on anything by not recognizing Bitcoin as a legal tender, people are free to use it to transact and it is certainly not at the capacity to support mass adoption either.

I don't know their socio-political landscape nor the dictatorship and I don't believe everything will be fine there because their president legalized Bitcoin as legal tender but I was showing support in my own way cause the president is trying to create something for his country and when someone is trying some people need to show support to the person.

There are still some people in El Salvador that understand the President's intention and those we see in the news that vandalized the Bitcoin ATM are just political opponents doing.

Perhaps you need to do some research about their economy first. Dismissing the protest this way, just because you're a Bitcoin supporter is quite disgusting. Having people saying something like this just means that his distraction worked.

A country is done for if a president openly calls themselves a dictator, nevermind the coolest.

People have the right to protest and the last time I checked violence is not the solution to things like this. We know Bitcoin ATMs are expensive.