Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 64. (Read 42196 times)

Maybe you should ask Bukele directly. LOL There are no clear details regarding tax sharing, any rates in the facility are given. But actually as a crypto community I feel good about Bukele's plans. I don't understand about its realization, but this activity is certainly a form of support for El Salvador as a Crypto-friendly country.
Moreover, they cooperate with Tether with a value of US $ 1 billion for Volcano Energy. If this is realized, perhaps miners will start shifting to El Salvador. It looks like from that project they can generate 1.3 exahash per second (EH/s). At least this is great news for Crypto growth fundamentals. Source

hahahahaha,.,. it is not ONLY Ethereum that has the pink unicorns... you have some points there.. you party-pooping naysayer.  

For sure there is some value if we actually see the mining taking place and companies going to El Salvador to mine bitcoin (and yeah maybe it starts out with El Salvador subsidized entities to get it started), and so the extent to which they are actually able to mine or to attract outside investors or to even bring down their costs of energy (perhaps reducing some of their needs for imported energy) likely continues to need to be seen beyond mere theoretical assertions.

Of course, there is value in regulatory friendliness and regulatory clarity, and many folks might consider that recently some western countries are not expressing very much friendliness to bitcoin (even though there is rule of law and various abilities to challenge various negative actions towards bitcoin), but then there can be difficulties in terms of any company actually wanting to move to a place like El Salvador, if the regulatory friendliness of something like El Salvador still ONLY has less than a 2-year track record of having bitcoin as legal tender.. and then even merely having bitcoin as legal tender still does not even put to test some of the application of various legal certainties that companies frequently want to have especially if they would be injecting decent amounts of capital that they would not want to lose (and probably would want to be profitable .. .since public companies have to report back to their shareholders in terms of justifying the places that they are investing, and even private companies are still going to want to have decent levels of profitability, sustainability or even that future projections of those kinds of profitability/sustainability justifications to invest in any area (such as El Salvador) that historically they had not been investing into).

The ones that do know something might come as naysayers, but whatever, let's burn some pink unicorn dreams:

Starting with this:
https://www.vesselfinder.com/vessels/details/9236626

For the ones that only copy-paste Bukele's dreams and don't know or are unwilling to research stuff for just 1$ a post, that's an FSRU ship, as Salavdor imports LNG to keep its gas powerplants online, Salvador is not only an importer of gas but despite this, it still imports 25% of its electricity from its neighbors. The country has a 380 MW gas powerplant in construction to balance the load and reduce electricity imports and some of you still think it's the world's cheapest place to mine. Just lols!

Marathon was paying 2.5 cents per kwh in Montana, Riot has claimed in their financial fillings they have  2.96 cents/kwh for 2022, and some think that Salvador which is subsidizing energy and can only get as low as $0.1555 per kWh will compete with this.



Yeah, would be nice, but, it won't happen cause 99% of those that post this garbage here have no clue what they are talking about!
Let's give it a try:


Wow, sounds great!
Then can you tell us what kind of incentive miners on this forum have to move to Salvador and why the f word hasn't any of them moved there?
Can you share some of those cost benefits? Taxes, tariffs? Anything???

Miners from countries that have various restrictions on Bitcoin mining can choose El Salvador for Bitcoin mining. Because the government of this country is giving maximum facilities to Bitcoin. Any miner can easily run their own mining operations in El Salvador. As in other countries, the government had to pay taxes in different ways to do mining or they had to carry out mining operations with risks despite various restrictions, in El Salvador, miners can mine Bitcoin without any problems. This is great news for every bitcoin miner.

1.3eh/s
using for instance the asic rating of efficiency of 140thash for 3kw
30kw=1.4peta
30,000kw(30mw)=1.4exa

so 30mw of the 240mw may not seem much usage going towards hashing..
but.. that 240mw is not based on the power produced 24/7 its actually more like 240 in a 8 hour daytime which is stored and then consumed through the day. to be a ~70mw constant if you follow the logic of solar limitations and window variability

this 1.3 exa at the moment is about 0.3% of hashrate. or
if a block is 6.25btc reward with ~144 blocks(900btc) a day= 3btc a day income (~$80k a day before cost deductions)

Overall I'm excited to see how this initiative takes shape and am glad El Salvador is making the leap into hashing at scale.

There is a LOT to be put together to make it happen, but it seems they have a solid foundation in place.

Now it's time to see what they build.



Twitter: https://twitter.com/BikesandBitcoin/status/1665734154045243392?s=19

We are already seing many investors, organizations, miners and many other entities and organizations where bitcoin adoption is applicable or it's corresponding mining taking look on El-Savador for these vast opportunities because it's a bitcoin enabling environment, some miners have left US, China and from other part of the world where bitcoin is not favourably allowed due to government regulations, now that they are still on this aspect of bitcoin mining using the volcanic energy, there will be more concentration of bitcoin miners to El-Savador because the use of a renewable energy source will ease the cost of bitcoin mining due to high energy fee from using government controlled electrical energy.

El Salvador keeps winning 🇸🇻🏆

Today we begin deploying the first $250 million of a $1 billion investment commitment into bitcoin mining

The goal is economic liberty, self determination & sovereign wealth accumulation for generations to come

More: https://volcano-energy.tiiny.co/




Information source: https://twitter.com/stacyherbert/status/1665716432951189506?t=7_w-_AdntY37qaJjtE1t8w&s=19

2years later today,

EI Salvador declared first time Bitcoin as a legal tender 5 June 2021 ,then world knows first time Salvador a Bitcoin city.



Source:Click

Huh?

You come off as a bit of a bitcoin naysayer.

Of course, projects can be funded in all kinds of ways, and surely there is no black and white situation in regards to some of the balancing that El Salvador has to do in regards to the various aspects of their reputation, their credit worthiness and/or their abilities to carry out projects in ways that they might proclaim (or project) that they are going to be able to do.

Having governmental support for bitcoin and projects related to bitcoin is no minor factor when it comes to El Salvador - especially since they have considerably distinguished themselves (at least so far) regarding how much support and/or bitcoin and bitcoin related promotion that they are willing to involve themselves (whether privately supported, publicly supported or some kind of a public/private joint effort).


It would have had been nice for you (nlovric) to have describe how you believe your post is related to El Salvador specifically, since this thread is about El Salvador, and yeah sure, many of us know that Binance is also involved in El Salvador (but Binance is involved in a lot of places, no?).


I wonder.

Does any forum member know how to give their own comments in regards to any posts and/or links that they provide - besides just posting what someone else says?

Sure the post may well still be valuable, but it would be nice to know if forum members might have some of their own ideas .. whether talking about facts or significance or describing what is contained within the linked-information that they post.

El Salvador just announced their first major initiative for Volcano Energy.
If you're confused by the use of wind/solar, here is the translation.
El Salvador is building large intermittent wind/solar generation to monetize base geothermal expansion with BTC mining.
In the grand scheme 241MW isn't huge, but if properly run, very good for ES.



https://twitter.com/BikesandBitcoin/status/1665719174549626880?t=nelxY7k-vTjeB4YewJYRtA&s=19

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Well as far as I see the project will not actually be funded by El Salvador, they just hope that they can find potential investors to come there and participate. Since the country however does not have the highest reputation this could be rather challenging. Also I guess the climate and other factors are not the best that you can find.
What however is unique id that you have a high support from the government which is something that gets more rare lately.

EL SALVADOR UNLEASHES "VOLCANO ENERGY" WITH 241 MEGAWATT PLANNED BITCOIN MINING OPERATION

El Salvador plans to build a 241 MW renewable energy power park in the Metapán region that will combine solar and wind projects to position itself as a major player in the bitcoin mining industry. The park will have 169 MW of photovoltaic solar and 72 MW of wind energy with an initial computing capacity expected to exceed 1.3 EH/s. The project has a total commitment of $1 billion, with the government preferentially participating in 23% of the proceeds. The initiative aims to promote sustainable energy and economic growth in El Salvador.

JUST IN: 🇸🇻 El Salvador is launching a $1 billion #bitcoin mining project.

The power will be generated by a mix of ☀️ solar and 💨 wind energy with a total capacity of 241 MW 🔋

This will be one of the world’s largest bitcoin mining farms, pumping out 1.3 Exahashes/second 🙌
https://twitter.com/BitcoinNewsCom/status/1665717825191772161?t=C0kFZ2Eg5eIzpEOH54bZJg&s=19

News

Saifedean Ammous has received excellent support since joining El Salvador's Nayib Bukele as an advisor. And in Nayib Bukkel he will surely be successful because he has hired an experienced author of the Bitcoin standard. So I would like to say that El Salvador is currently the main focus of discussion and criticism of Bitcoin investment. And he will decide to invest in Bitcoin which is waiting for the bull market.

This indeed is a good news and we do hope it's granted passage by the congress. This, again show Bitcoin as being accepted as a good fit as store of value and it being accepted as a modern alternative and digital gold

NEW: 🇺🇸 US Senators Worried About Bitcoin Adoption In El Salvador


See News

You posted this in the wrong place, you should have a separate thread for wallet related posts. You didn't see this topic written entirely about El Salvador, discussing the economy of El Salvador, where Bitcoin is currently in that country, and how daily life is structured around Bitcoin.

Post before reading: Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

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