Bitcoin Mining with the use of Natural Gas

[348Judah]

Argentina Presidential candidate, Sergio Massa said that he will begin bitcoin mining with the use of the natural gas which are in excess from the oil producing fields, he's one of the presidential candidates across the world aside the other candidate for US presidential race that have shown interest in bitcoin and wish to render every of their necessary support to see that it's adoption is widely available for everyone to make decision on.

I Think they should make an impact towards providing a suitable regulations that permit the soft flow of all cryptocurrencies activities rather than kicking against them when they emerged into office, what do we have to day, is this with the personal motive of achieving their own political interest or they really want to see bitcoin and cryptocurrency taken to the next level.

Also remember that bitcoin mining had suffered alot from the hands of governments being tagged environmental disaster and we need people like this to help defend and provide alternative to the utility of excess natural gas in mining bitcoin, solving the environmental waste of these resources and making them effective for use in bitcoin mining instead of depending on the power grid.
https://twitter.com/BTC_Archive/status/1720411991083233480?t=C9yuvtD-AYtc1Lde-r6eTQ&s=19

[Tytanowy Janusz]

I Think they should make an impact towards providing a suitable regulations that permit the soft flow of all cryptocurrencies activities rather than kicking against them when they emerged into office, what do we have to day, is this with the personal motive of achieving their own political interest or they really want to see bitcoin and cryptocurrency taken to the next level.

The definition of a politician I saw on Wikipedia some time ago - "a specialist in gaining and maintaining power". This is what politicians do and specialize in. they have no idea about anything other than social engineering and manipulation mechanisms. They specialize in how to speak to influence as many voters as possible. Unfortunately, this is what democracy inevitably strives for - populism. And this is exactly how we should look at all election promises. For carefully calculated statements intended to target a precisely calculated group of voters who are not yet decided.

[MusaMohamed]

Argentina Presidential candidate, Sergio Massa said that he will begin bitcoin mining with the use of the natural gas which are in excess from the oil producing fields, he's one of the presidential candidates across the world aside the other candidate for US presidential race that have shown interest in bitcoin and wish to render every of their necessary support to see that it's adoption is widely available for everyone to make decision on.

As politician, he will do everything he can do and legally accepted in his nation to get as many votes as possible from citizens in the nation. You can not trust any politician because they sell promise, dream, hope to their citizens but in reality, they never complete all of their promised activities after they get elected.

Also remember that bitcoin mining had suffered alot from the hands of governments being tagged environmental disaster and we need people like this to help defend and provide alternative to the utility of excess natural gas in mining bitcoin, solving the environmental waste of these resources and making them effective for use in bitcoin mining instead of depending on the power grid.

Changing governments, regulations are hard and need a lot of time, efforts from people in each nation. It won't be achieved after a night, day or week and we must be realistic that to gain it, people as citizens must create enough pressure on governments.

To do this, we must have more education about Bitcoin, Bitcoin mining to enlighten people about benefit of Bitcoin against fiat currency inflation and Bitcoin mining is not dirty, not environmental harmful like governments try to say.

https://bitcoincleanup.com/
https://endthefud.org/energy
Reports from Bitcoin Mining Council can help them to have more knowledge and information about Bitcoin mining network too.
H1 2023 report from BMC.

[Plaguedeath]

My man, more than 50% of Bitcoin mining is already use renewable energy, which actually it shouldn't be discussed anymore whether Bitcoin mining consume a lot energy or use fossils fuels.

But I understand why this politician aka Sergio Massa state this, he want get Bitcoin enthusiasts heart to choose him in the next residential election lol.

Almost a quarter of all Bitcoin miners use water to power their setups. Hydropower makes up 23.12% of all energy used in mining.

Additionally, the wind is used to generate power for 13.98% of Bitcoin mining, while nuclear and solar account for 7.94% and 4.98% of all power used in mining, respectively. Other renewable energy sources are used in about 2.40% of Bitcoin mining.

All in all, roughly 52.4% of all Bitcoin mining relies on renewable energy for its power needs and the trend is expected to continue growing in the coming years as traditional energy sources become more and more expensive.

[Husires]

The candidate's statements before the elections do not necessarily mean that he will adhere to them, especially on marginal issues such as Bitcoin mining, which may need legal amendments in some countries, and may not require more than one company that wants to enter the field in other countries due to the ease of legal legislation. Bitcoin mining using surplus natural gas from oil production fields may lead to an economic benefit as it reduces waste, provides job opportunities, increases taxes, with the possibility that the state will use the Bitcoin that was generated as a reserve in the central bank or in an investment fund, but it is nothing more than part of the ideas to improve GDP is not something the presidential candidate will defend if he wins the election.

[Don Pedro Dinero]

Argentina Presidential candidate, Sergio Massa said that he will begin bitcoin mining with the use of the natural gas which are in excess from the oil producing fields, he's one of the presidential candidates across the world aside the other candidate for US presidential race that have shown interest in bitcoin and wish to render every of their necessary support to see that it's adoption is widely available for everyone to make decision on.

That is not correct because you have another example in Argentina itself, the candidate Milei:

What does Javier Milei think about bitcoin?
Milei has expressed himself on numerous occasions about bitcoin (BTC) and he did so in a very different tone to the one he used to talk about an "Argentine digital currency".

The economist has said, among other things, that bitcoin is the natural reaction to the central banks' scam.

(Translated from Spanish)

What happens is that he thinks that the most immediate solution to Argentina's currency problem is to dollarise the economy, but in principle he is in favour of bitcoin.

[terrific]

Whatever these politicians say hopefully they do that for their own sake and betterment of their country.
They won't just do it because it's on trend and seems popular these days and not just for politicking.
Because how many times did we see politicians use everything, every topic that they can to support for votes.

[AprilioMP]

Argentina Presidential candidate, Sergio Massa said that he will begin bitcoin mining with the use of the natural gas which are in excess from the oil producing fields, he's one of the presidential candidates across the world aside the other candidate for US presidential race that have shown interest in bitcoin and wish to render every of their necessary support to see that it's adoption is widely available for everyone to make decision on.

Many presidential candidates campaigning for Bitcoin are increasingly making people want to learn about Bitcoin, especially people who are in the candidate ranks, even though the end of the Bitcoin campaign is predicted to be only to win the votes of the Bitcoin supporting community.

For example, American presidential candidate Vivek Ramaswamy displayed a QR code for payment of donations and said he would make the 2024 election a referendum on fiat currency.
What do they care about everything that was said about Bitcoin during the campaign after being elected. Everything can change because politicians' mouths are very sweet when they utter a series of words^[1].
No one has dared to act like Nayib Bukele in El Salvador towards Bitcoin even though there are groups who are against his decision.

I would be happy if Bitcoin was campaigned in various spaces so that people who don't want to care about the convenience of Bitcoin in the payment system can judge for themselves the fiat currency payment system.

[1]. https://cointelegraph.com/news/us-presidential-candidate-vivek-ramaswamy-to-accept-bitcoin-for-campaign-donations

[Fiatless]

Argentina Presidential candidate, Sergio Massa said that he will begin bitcoin mining with the use of the natural gas which are in excess from the oil producing fields, he's one of the presidential candidates across the world aside the other candidate for US presidential race that have shown interest in bitcoin and wish to render every of their necessary support to see that it's adoption is widely available for everyone to make decision on.

I assume that the intention of this presidential hopeful is to convert associated petroleum gas (APG) to power energy. APG are waste from oil drilling and it is the number one cause of gas flaring which affects the environment negatively. The use of APG will reduce pollution and save costs. I am also glad that OP included that people should be allowed to choose between fiat and cryptocurrencies.

I Think they should make an impact towards providing a suitable regulations that permit the soft flow of all cryptocurrencies activities rather than kicking against them when they emerged into office, what do we have to day, is this with the personal motive of achieving their own political interest or they really want to see bitcoin and cryptocurrency taken to the next level.

Politicians cannot be trusted. They usually have very attractive manifestos which they often abandon after winning elections. Maybe he has good intentions just like Nayib Bukele or it could also be a political stunt to get the votes of crypto-friendly Argentines. We have to wait till November 19th to know who will win between Sergio Massa and Javier Milei.

Also remember that bitcoin mining had suffered alot from the hands of governments being tagged environmental disaster and we need people like this to help defend and provide alternative to the utility of excess natural gas in mining bitcoin, solving the environmental waste of these resources and making them effective for use in bitcoin mining instead of depending on the power grid.
https://twitter.com/BTC_Archive/status/1720411991083233480?t=C9yuvtD-AYtc1Lde-r6eTQ&s=19

Most of the researches carried out to investigate the effect of bitcoin mining on the environment are not credible. They were done with the intention to show bitcoin in a negative light. They were lopsided and filled with bias and attacks. The power consumption rate of bitcoin mining activities is overestimated to suit their lies but it is good to know that miners are seeking for green alternatives.

[franky1]

Argentina Presidential candidate, Sergio Massa said that he will begin bitcoin mining with the use of the natural gas which are in excess from the oil producing fields, he's one of the presidential candidates across the world aside the other candidate for US presidential race that have shown interest in bitcoin and wish to render every of their necessary support to see that it's adoption is widely available for everyone to make decision on.

I assume that the intention of this presidential hopeful is to convert associated petroleum gas (APG) to power energy. APG are waste from oil drilling and it is the number one cause of gas flaring which affects the environment negatively. The use of APG will reduce pollution and save costs. I am also glad that OP included that people should be allowed to choose between fiat and cryptocurrencies.

yes this topic is about using the waste gas thats usually flared. but right now they are still trialling it.. where only a few flare pipes have been adapted to go to a generator which then powers only a small container of asics..
until they expand the experiment to convert thousands(of the many many thousands) of flare pipes, its not really a time to celebrate. its still a PIPE  dream, but a possible step in the right direction.

the reason its still a dream/experiment. is because they need to put a gas-electric generator onto the flare pipe to power the asics.. but if these flare pipes were able to efficiently make electric in the first place, they would have done the generators and then cabled the electric to nearby villages/towns

so right now they are trailing a few flare pipes to mine small scale to then look at the cost/reward bases after Xmonths/year

meaning it may not actually end up cost efficient to even do on mass scale.. so too soon to congratulate/celebrate

[DapanasFruit]

People should always look at politicians with some doubts and must do their due diligence before they decide whether one is good for them in the long run. Just because one is interested with Bitcoin does not mean that people should vote for him. Now, having said that, at least we should be glad that a growing number of influential people are using the platform available to them that can somehow promote Bitcoin in a good light. I am in agreement that using natural gas for mining Bitcoin can be a good idea, am just hoping that one the candidate can win he will really pursue the proposition and will not just forget this on the road.

[pooya87]

More countries with natural resources should do this. In many of these fossil fuel extraction processes there is a lot of wasted energy (like the gas flares) that can be harnessed with enough investment and turned into electricity and obviously be used to mine bitcoin which would cover the cost of that initial "investment".
I hope such proposals don't just remain among candidates and start being discussed at serious levels among those that are already in office.

[Hamza2424]

Individual Perspective
Hmm, When it comes to the energy, I'm not sure OP in which region you are focusing on Natural Gas, In my country the most efficient way is solar energy because I'm living in the Southern part of Pakistan Weather is more likely clear, Ventilation can be considered as a problem but there some cheap solution for that as well.

Natural Gas can be the solution for countries where the availability and costs are not sky-high in countries where they mostly import Gas this can be one of the most expensive energy. Bitcoin Mining is getting much attraction but seems like its already a late idea because there are giants with immense hash power, Only 7% supply remains, and the competition rate is too high as well, Individual mining cant be considered, In pools the profitability most of the time remains low.

Political Perspective
As politicians the statements may vary from time to time, the thing to consider here is how far they are dedicated to it, because on time they may find it unacceptable. The environmental disaster narrative is dead, Bitcoin is environment friendly hehe, ateast comparing to those electric cars.

[Latviand]

Whatever these politicians say hopefully they do that for their own sake and betterment of their country.
They won't just do it because it's on trend and seems popular these days and not just for politicking.
Because how many times did we see politicians use everything, every topic that they can to support for votes.

You are too much of a good person if you still think that politicians care about their people, I don't think that there's ever a politician that's been instated in a position of power because they care for the people first and foremost, that's an unlikely scenario. I guess I'm just to cynical and skeptic about politicians, maybe there's some that's a real public servant but given how corrupt that profession is, it won't matter if there's a saint of a politician among the cesspool. I feel like this move by the Argentinian president is the kind of move that's not motivated because it helps the people, it feels like the President is going to be the one that's going to benefit big time from it.

[franky1]

More countries with natural resources should do this. In many of these fossil fuel extraction processes there is a lot of wasted energy (like the gas flares) that can be harnessed with enough investment and turned into electricity and obviously be used to mine bitcoin which would cover the cost of that initial "investment".
I hope such proposals don't just remain among candidates and start being discussed at serious levels among those that are already in office.

if it was cost effective to put a pipeline from the flare chimney to a facility to then burn that dirty gas to make electric.. they would. and then cable that to a nearby village/town or power their own facility..
if it was cost effective to put a pipeline from the flare chimney to small generator at the chminey to then burn that dirty gas to make electric.. they would. and then cable that to a nearby village/town or power their own facility..

however they are not even using this gas to power their own site.. so there are cost implications..
its basically cost of generator vs joules of gas.. if that waste gas could even cover just the price of the generator. then they would have done it before

this is why they are trialling it with a FEW(not many presently) flare gas locations to see how much coin they can generate to see if after selling coin it can make them in a net profit compared to just buying carbon credits to offset their environmental impact.

if they could convert gas to electric and charge a local village reasonable electric.. they would have done that ages ago.. but have not because that was not cost effective compared to other grid electric costs

so if.. BIG IF.. they can earn enough sats to balance out the carbon credit cost/build cost. then yes they will expand and many nations will copy.. but those numbers are not in yet

[Faisal2202]

I Think they should make an impact towards providing a suitable regulations that permit the soft flow of all cryptocurrencies activities rather than kicking against them when they emerged into office, what do we have to day, is this with the personal motive of achieving their own political interest or they really want to see bitcoin and cryptocurrency taken to the next level.

Well, day by day we are seeing improvements in the adoption and talks about BTC. This is something new because, no doubt, many presidential candidates have shown their interest in BTC, but AFAIK none of them have shown interest in coming up with better ways to do mining of BTC blockchain. By better ways, I mean with some idea that is also not very unique in its nature, but it is what it is, and at least it is something that we have not seen or heard from others.

This will really streamline the adoption of BTC, but to be honest, these presidential candidates just lost their ticket to become president by going in favor of BTC because the financial market doesn't want it to be adopted at such a level because they are not making much money from the banks. But thinking from another angle, they might want to give a chance to such a a president to streamline its adoption, but in a centralized manner.

In the end, this is good for BTC and for its price,, and yeah, the people in Argentina will be encouraged to use BTC by the act of Sergio Massa.

[hatshepsut93]

This isn't the first time a politician proposes the government to start mining BTC, and it certainly will not be the last, but is there any track record of any politician actually launching such project? It's easy to make proposals and promises, and it can be quite hard to deliver even something as simple as a working Bitcoin mining operation owned or subsidized by the government.

[franky1]

This isn't the first time a politician proposes the government to start mining BTC, and it certainly will not be the last, but is there any track record of any politician actually launching such project? It's easy to make proposals and promises, and it can be quite hard to deliver even something as simple as a working Bitcoin mining operation owned or subsidized by the government.

the geothermal mining in el salvador is still slow. but it is actually happening. there are some area's with hydro dams that are utilising instant customers in the form of asic farms rather then waiting for generational growth from housing, so some area's do allow mining via renewable energy

but that said there are other politicians that mention bitcoin at their candidacy pledging but once in office.. things move slow.. take the NY mayor
he used his candidacy to say he was crypto friendly.. but once made into mayor a month later he then said he is into crypto services, just not crypto mining.. and since then he has not done anything to water down the bitlicence or make it easier for crypto businesses to open up in NYC

[wallet4bitcoin]

I believe we have loads of untapped resources both on land and sub-surface that can cater for the whole of humanity and more, we are yet to truly harness our resources, produced Natural gas is just one of them, but I can tell you for a sure fact that loads of countries are yet to tap into it to birth productivity.

We can setup Mining rigs in various parts of the world if only we all can adopt the technology, for countries with Nuclear powere plant, they are at more advantaged positions.

[Husires]

What happens is that he thinks that the most immediate solution to Argentina's currency problem is to dollarise the economy, but in principle he is in favour of bitcoin.

I think that discussing the issue of the economy in Argentina is sensitive because of the country’s status with the International Monetary Fund and how the economy is being developed. it is natural for the commentators’ discussions to be about the issue of the economy and its details, but it will not go far in accepting Bitcoin as a legal currency or even for daily use, as happened in El Salvador.

I have heard many alternatives in which Bitcoin can contribute to improving the economy, and I hope that some of them will be implemented.