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Topic: El Salvador launches first volcano-powered mining project - page 2. (Read 263 times)

legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
I do not know if franky's calculation is true, but if it is true making around 600 dollars a day is not really a big number for a nation, don't get me wrong it would make me super rich lol, nearly my salary in 2 days, that's a great thing for a person but that doesn't mean that its a good one for a nation. To be fair El Salvador is a poor nation so maybe this isn't so bad for them, it could be about 20k a month and that's a good thing, plus its a volcano powered thing which is always good thing because it shows the world that we could definitely do it and that's an improvement. All in all this is a good thing, not a great thing, not a huge thing, but its definitely a good thing. We need to keep it in mind as much as we possibly could and be happy about these things.
Well, I personally might not agree with your input stating that $600 per day for a nation like El Salvador is too small, and besides, Franky didn't say $600 per day, he said $2100 per day, but even if the nation is making $600 per day as pure profit from mining bitcoin, it is still something considering that the mining is not the only source of income for the country.

At least, we know for a fact that the nation, El Salvador have existed far before bitcoin came into existence, so this simply means that they have been making money through and from other sources which they run the country with, so right now, if with bitcoin, they now have the ability to make up to $600 per day, combining it with their several other source of income, it is something for sure.

Overall, i must commend the effort of the El Salvador in bitcoin adoption, they have proven and shown the world that their mind is made up in their quest for bitcoin adoption, i hope that one day, they can be counted among the richest countries in the world with the help of bitcoin.
legendary
Activity: 4410
Merit: 4766
200 th does 200 x 6.35 cents or $12.70 dollars a day x 500 = 6350 a day before expenses not 607 a day


https://www.viabtc.com/. pays 6.35 cents a th

franky1 missed a zero on his numbers

I am assuming  his 200th at 3000 watts is correct but I think that may be a bit off as no machine I know of claims that set of numbers.

the s21 says 200th at 3500 watts.

It is about 2,317,750 dollars a year before expenses and looks like they can scale a lot at least 10x

network is ~400exa meaning 400,000,000th
900btc / 400,000,000th = 0.00000225sat/th =~$0.063 you are correct (best case/luck))

and yes
they started with 1.5mw = 500asics at 3kw for 200thash average

200thash * 500asics = 0.1exa = 0.025% of network(400exa average)
based on daily btc of network of 900btc = 0.0225btc per day = $630 a day income

now they are upto 5mw = 1666asics at 3kw for 200thash average

200thash * 1666asics = 0.33exa = 0.0825% of network(400exa average)
based on daily btc of network of 900btc = 0.075btc per day = $2100 a day income

and thats just the numbers of the 1.5mw and 5mw trials of the potential 107mw capacity

i stupidly messed up with the decimal by including an extra 0

bad day for me.. i have now corrected. philipma1957 merit earned

the s21 says 200th at 3500 watts.

theres actually some doing over 330th for 5.3kw which if you include the standard 10% variance and easy firmware upgrades and overclocking (many mining pools use efficient software and dont run defaults.. even OP hinted they use a specialist mining system) you can get 200th for 3kw.. and my math was for BEST CASE
legendary
Activity: 4256
Merit: 8551
'The right to privacy matters'
To be fair El Salvador is a poor nation so maybe this isn't so bad for them, it could be about 20k a month and that's a good thing, plus its a volcano powered thing which is always good thing because it shows the world that we could definitely do it and that's an improvement. All in all this is a good thing, not a great thing, not a huge thing, but its definitely a good thing. We need to keep it in mind as much as we possibly could and be happy about these things.
But can you be sure that using energy produced by volcanic activities can be profitable? Personally, this is the first time I have heard about this type of energy, and I did not imagine that it could be used in crypto mining. Also, the profits that Franky refers to do not seem very convincing compared to the size of the investment. I do not doubt El Salvador's desire to advance in this field, but I think that some details must be clear in order to avoid some confusion. We hope that this will be an encouraging example for other countries to follow suit.

It has to be stable enough to harness as I mentioned Iceland is a world leader in doing this. Since there are a shit ton of volcanos world wide I suspect the world could get quite a bit of power this way.
hero member
Activity: 2338
Merit: 757
To be fair El Salvador is a poor nation so maybe this isn't so bad for them, it could be about 20k a month and that's a good thing, plus its a volcano powered thing which is always good thing because it shows the world that we could definitely do it and that's an improvement. All in all this is a good thing, not a great thing, not a huge thing, but its definitely a good thing. We need to keep it in mind as much as we possibly could and be happy about these things.
But can you be sure that using energy produced by volcanic activities can be profitable? Personally, this is the first time I have heard about this type of energy, and I did not imagine that it could be used in crypto mining. Also, the profits that Franky refers to do not seem very convincing compared to the size of the investment. I do not doubt El Salvador's desire to advance in this field, but I think that some details must be clear in order to avoid some confusion. We hope that this will be an encouraging example for other countries to follow suit.
legendary
Activity: 4256
Merit: 8551
'The right to privacy matters'
Iceland has been doing this for years.

https://en.wikipedia.org/wiki/Geothermal_power_in_Iceland

Has about 800 megawatts of geothermal power daily.

... and yearly :

As Iceland is situated in a highly geothermal location, 70.38% of total energy used in the country comes from geothermal sources as of 2020.[12] This means 173.2 petajoules (PJ) of the total 246.1 PJ of primary energy used by Iceland in 2020 is from a geothermal source.[12]
hero member
Activity: 2464
Merit: 594
El Salvador continues to make strides in the world of Bitcoin. I think this project is very exciting and has the potential to be a major game-changer for the Bitcoin mining industry. Using renewable energy to power Bitcoin mining is a much more sustainable and environmentally friendly approach than using traditional fossil fuels. This is indeed a promising venture that could potentially revolutionize the way we mine cryptocurrencies. It’s fascinating to see how El Salvador is leveraging its natural resources in such an innovative way. The project could help to reduce the cost of Bitcoin mining, which could make it more profitable for miners and more affordable for users.
legendary
Activity: 4256
Merit: 8551
'The right to privacy matters'
200 th does 200 x 6.35 cents or $12.70 dollars a day x 500 = 6350 a day before expenses not 607 a day


https://www.viabtc.com/. pays 6.35 cents a th

franky1 missed a zero on his numbers

I am assuming  his 200th at 3000 watts is correct but I think that may be a bit off as no machine I know of claims that set of numbers.

the s21 says 200th at 3500 watts.

It is about 2,317,750 dollars a year before expenses and looks like they can scale a lot at least 10x
hero member
Activity: 2156
Merit: 575
I do not know if franky's calculation is true, but if it is true making around 600 dollars a day is not really a big number for a nation, don't get me wrong it would make me super rich lol, nearly my salary in 2 days, that's a great thing for a person but that doesn't mean that its a good one for a nation. To be fair El Salvador is a poor nation so maybe this isn't so bad for them, it could be about 20k a month and that's a good thing, plus its a volcano powered thing which is always good thing because it shows the world that we could definitely do it and that's an improvement. All in all this is a good thing, not a great thing, not a huge thing, but its definitely a good thing. We need to keep it in mind as much as we possibly could and be happy about these things.
legendary
Activity: 4410
Merit: 4766
edit to correct math:
they started with 1.5mw = 500asics at 3kw for 200thash average

200thash * 500asics = 0.1exa = 0.025% of network(400exa average)
based on daily btc of network of 900btc = 0.225btc per day = $6300 a day income

now they are upto 5mw = 1666asics at 3kw for 200thash average

200thash * 1666asics = 0.33exa = 0.0825% of network(400exa average)
based on daily btc of network of 900btc = 0.75btc per day = $21000 a day income

and thats just the numbers of the 1.5mw and 5mw trials of the potential 107mw capacity
hero member
Activity: 966
Merit: 620
Again, El Salvador has made waves as they become the first country in the world to  launch a Bitcoin mining pool that's being powered by a geothermal energy from a volcano.
It seems the Central American country delights in keeping the world on their tippy toes with his daring acts where Bitcoin is concerned as in 2021, they became the first country to accept Bitcoin as legal tender and now this.
 The project, dubbed "Bitcoin Volcano" aims to utilize the abundant and renewable energy source to generate clean and cheap electricity for mining crytocurrencies.

 Bitcoin Volcano will be tapping into Luxor's experience in providing Bitcoin mining software and services. This project is ripe with promise as it will also make use of Luxor's Hashrate Forward Marketplace; This works two ways as on the one hand, it mitigates market volatility through automated risk management strategies and on the other, creates jobs, income and development while reducing the environmental impact of mining.

This video highlights more about the project


https://www.google.com/url?q=https://cointelegraph.com/news/el-salvador-first-bitcoin-mining-pool-volcano-energy-luxor&sa=U&ved=2ahUKEwiKg6yl4uOBAxUKOuwKHTxIDVgQFnoECAMQBg&usg=AOvVaw38bfpjw896uJB-C7e-k6O_

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