El Salvador 🇸🇻 Mines First Bitcoin With Volcanic Energy 🌋

noorman0

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[Nope]No hype delivers more than hope

Quote from: electronicash on October 02, 2021, 09:16:43 AM

-snip-
i guess more BTC airdrop from the government?

That's possible, because building bitcoin mining also consumes the state budget that should be allocated to something else, such as infrastructure or government benefits. A brilliant move has been to build bitcoin mining as an inventory of countries that can provide sustainable benefits and replace some of the roles of other countries for certain affairs.

masterrex

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El Salvador's president is determined to implement his plans for Bitcoin, despite the opposition of some of his countrymen, But I think El Salvador's decision to adopt Bitcoin is not that bad at all, in fact, is it was open a new opportunity for El Salvador to try a new a form of a technology-based asset like Bitcoin and generate income from it.

cotton ball

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elsalvador mines the first bitcoin with volcanic energy, I salute the president of el salvador, because bukele is really serious about developing bitcoin, and is always looking for ways to make it easier for its people to adopt bitcoin, hopefully the steps taken by bukele are successful, and can make other countries follow in the footsteps of el salvador..

electronicash

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i didn't understand geothermal actually but i have it pictured in my mind when the term "volcanic" is mentioned. Grin

this is what made bukele more famous so he hast to tweet whatever is the update if they have gotten just 0.00001BTC with this volcanic energy, he'll announce it because he initiatives this project. they don't have to pay for this electricity, i guess more BTC airdrop from the government?

DdmrDdmr

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It’s a nice catchy publicity stunt, I’ll give them that, but that’s basically all it is. The geothermal power plant, as I mentioned on another thread, has been around for a couple of decades, so they basically plugged in to something that was already there (not custom made for the occasion).

Now the energy supporting the mining process can conceptually be attributed to the geothermal power plant, but since the country is deficitary in energy production, and is required to import it, they’re basically shifting the likely non-clean energy attribution to elsewhere within the country (and cost).

dupee419

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Bukele's transparency towards his project for El Salvador is actually a great trait that he has, sharing it to the world and the country's success on being the first country to ever utilize Bitcoin.

I do have one question in mind though, is there any negative effect on using geothermal energy for mining? I know that geothermal energy is natural energy and that it is definitely way better than electricity, though, is there anything negative that could possibly happen overtime? is it hard to maintain? any environmental issue for volcanic geothermal energy? Just really curious, though I did my research, I do wanna know your responses over this.

Wind_FURY

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Where China made the biggest mistake in throwing away their competitive advantage over an industry, the Bitcoin industry, El Salvador will pick up the pieces and have the competitive advantage over the future of money. Sorry China, you had the opportunity.

tyz

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Quote from: stompix on October 01, 2021, 03:24:02 PM

It's god damn geothermal energy as that is a geothermal power station, not a volcanic power station, ...

Volcanic energy sounds much better than geothermal energy. Most people don't understand the difference anyway. In the end, it doesn't matter as long as people understand that these are "clean" Bitcoins that have been mined. That is, with energy that was generated without fossil fuels. After all, that's often one of the biggest criticisms, that bitcoin mining would help cause climate change.

DapanasFruit

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Quote from: MinoRaiola on October 01, 2021, 03:17:26 PM

Really nice that he publishes so much information. He doesn't have to do this, and he has important things to do, but the successes are great for Bitcoin. I'm sure some other countries are watching it and they are starting to get angry. Fomo for sure! The first one to come has the most success.

Yes, and for that we should be making this president another big hero for Bitcoin. President Nayib Bukele pioneering the adoption and legalization of Bitcoin in his country El Salvador but the story does not end there because there are many associated business that can be exploited relative to the coin. I am expecting that soon the country can also be welcoming fintech companies to be based in the country. So maybe there can be some exchanges to legally operate within the country and can take advantage of an active South American market. The opportunities are endless and once there can be many people to be employed by these businesses, other countries will surely noticed of them.

SFR10

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Quote from: MinoRaiola on October 01, 2021, 03:17:26 PM

Really nice that he publishes so much information. He doesn't have to do this,

I wouldn't be so sure about that ^{[most likely someone else prepares those stuff for him and all he does, is clicking a single button on his device]}!

Quote from: stompix on October 01, 2021, 03:24:02 PM

Stop with this volcanic energy !! Just stop, it's getting more annoying than doge memes.

And to rub salt into the wound, President Bukele used the following tag in his "tweet": #volcanode
^{- I'm not sure who came up with it first, but a lot of people have been using it in the past couple of days ^{[it's annoying and it makes no sense]}.}

michellee

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Maybe sooner or later, El Salvador can be the leader in the crypto mining business because they can use their resources to mines bitcoin and I think the other country will see that they can benefit like El Salvador if they research about crypto. It is just the beginning for El Salvador and hopefully, that can work smoothly and do not have any problem. If volcanic energy can replace the electricity fee, that will good progress to their country because the electricity from the volcano is not just for mining but it can use for other things.

worle1bm

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He is making some impressive moves to promote bitcoin adoption in El Salvador despite of many protests among the people to pass anti bitcoin law.He is visionary man who has managed to accumulate 700 bitcoins and now he is setting up mining plant with all that geothermal energy and giving renewable energy resources to such work.These kinds of decision promotes other third world country to adopt bitcoin meanwhile.

pooya87

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It is nice to see El Salvador continues adopting bitcoin as more people keep signing up to use bitcoin and they are also expanding their mining operation. The news is being blown out of proportion because of all the FUD about the bitcoin electricity usage and pollution that has been circulating the internet in the last year, but it still is an important move so kudos to Salvadorians.

OgNasty

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Quote from: MinoRaiola on October 01, 2021, 03:17:26 PM

Really nice that he publishes so much information. He doesn't have to do this, and he has important things to do, but the successes are great for Bitcoin. I'm sure some other countries are watching it and they are starting to get angry. Fomo for sure! The first one to come has the most success.

Yes, finally someone is using Bitcoin for it’s transparency! I’ve had to wait 10 years to see the mainstream market mature to catch up with where most Bitcoiners were in 2011. I suspect the hangover from the coming fomo is going to humble them, but if they can stick with it and maintain their values, I think their future is bright.

Jumongy

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That was the best tweet of the day for me. This is really really really mind-blowing

bitterguy28

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Quote from: stompix on October 01, 2021, 03:24:02 PM

Stop with this volcanic energy !! Just stop, it's getting more annoying than doge memes.

It's god damn geothermal energy as that is a geothermal power station, not a volcanic power station, there are tens of miners in Iceland mining for years with geothermal energy coming from volcanic activity on Iceland but nobody is claiming stuff like that.

Quote

“It’s just geothermal energy,” said bitcoin miner Alejandro de la Torre, who recently made the move from China to Texas. “Iceland has been doing it since the very, very beginning of bitcoin mining.”

This is also my impression in the other thread created like this week ago, Geothermal has been in existence for years about Mining and also nowadays this is a common idea for other countries as how they find crypto mining is profitable for long term.

Quote from: megabytee on October 01, 2021, 07:43:55 PM

Yeeyy really awesome to see bitcoin adoption by a country. just imagine all countries follow el salvador

Lol this has been in existence for month now and just today you are celebrating? Grin

Kong Hey Pakboy

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Quote from: MinoRaiola on October 01, 2021, 03:17:26 PM

Really nice that he publishes so much information. He doesn't have to do this, and he has important things to do, but the successes are great for Bitcoin. I'm sure some other countries are watching it and they are starting to get angry. Fomo for sure! The first one to come has the most success.

Getting angry isn't the right word, more like envious because in terms of countries, El Salvador is an early adopter. To be honest, I think that it's the right thing that they publish this information because it's a helpful thing that there's some transparency.

Beparanf

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Quote from: megabytee on October 01, 2021, 07:43:55 PM

Yeeyy really awesome to see bitcoin adoption by a country. just imagine all countries follow el salvador

This kind of hype will really backfire to Bitcoin once traders realize that El Salvador are just hyping the market by there small staff activity for there own personal gain. This is not new and this not a volcanic energy but rather geothermal energy coming from the heat of volcano which is not new. He is also contributing a very small part of Bitcoin on his mine compared to the amount of hype he is creating rn. People should be aware that El Salvador do this kind of shill for everyone sake. This move is too obvious.

megabytee

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Yeeyy really awesome to see bitcoin adoption by a country. just imagine all countries follow el salvador

verita1

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I don't want to speculate. Did you already figure out the price of bitcoin? $ 48,381. Today the first day of October we are welcoming and receiving good news!
Traders on Binance are doing well, it is the most active bitcoin exchange.
I wish that Salvadorans can discover the good that comes to them despite the fact that there are people in that country against bitcoin.

verita1

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This is Bukele's tweet. It is as exciting as it is, he is stimulating people to believe in his project on a world scale. It is certainly the beginning for El Salvador.

https://twitter.com/nayibbukele/status/1443830930997719044?s=19

Twinkledoe

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Quote from: eaLiTy on October 01, 2021, 04:12:53 PM

Quote from: verita1 on October 01, 2021, 02:58:34 PM

My first impression when reading the headline of this news was:
OMG! 😱 Bukele did it! He is a president determined to continue with his plan to make the country of El Salvador the first country to own bitcoin and he goes with everything.
He studied it with his volcanic energy specialists, installed his equipment and already mined his first bitcoin.

It looks like they already have the technology to tap the volcanic energy and convert the steam energy to produce electricity. What i was not aware is that El Salvador has these sensitive areas where they have a constant gush of volcanic activity and now what they are trying to showcase is that they are mining with renewable energy. I searched online but i could not see any of these details rather than a tweet.

Here is the coindesk's article about this news - https://www.coindesk.com/policy/2021/10/01/el-salvador-mines-first-bitcoin-with-volcanic-energy/

So now, we are seeing that El Salvador is pretty serious in getting into crypto especially bitcoin. I believe, he already had this idea even before the implementation of bitcoin as a legal tender in their country. But for those who are criticizing bitcoin as energy intensive, here is one very good answer that bitcoin mining is using renewable energy via volcanic, which is not the usual type that we know like solar or wind energy. Grin

eaLiTy

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Quote from: verita1 on October 01, 2021, 02:58:34 PM

My first impression when reading the headline of this news was:
OMG! 😱 Bukele did it! He is a president determined to continue with his plan to make the country of El Salvador the first country to own bitcoin and he goes with everything.
He studied it with his volcanic energy specialists, installed his equipment and already mined his first bitcoin.

It looks like they already have the technology to tap the volcanic energy and convert the steam energy to produce electricity. What i was not aware is that El Salvador has these sensitive areas where they have a constant gush of volcanic activity and now what they are trying to showcase is that they are mining with renewable energy. I searched online but i could not see any of these details rather than a tweet.

Haunebu

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Interesting. Never heard of volcanic energy before, but @stompix helped clear up the confusion. It's good to see the El Salvador President putting in so much effort to promote BTC even though he might have ulterior motives.

Big countries like China can learn a thing or two from these small countries like El Salvador. The citizens of this country are lucky since they can dabble with cryptocurrencies legally without any fear whatsoever.

I am confident that more and more small countries will follow in El Salvador's footsteps as time passes which will help improve crypto adoption globally.

stompix

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Blackjack.fun

Stop with this volcanic energy !! Just stop, it's getting more annoying than doge memes.

It's god damn geothermal energy as that is a geothermal power station, not a volcanic power station, there are tens of miners in Iceland mining for years with geothermal energy coming from volcanic activity on Iceland but nobody is claiming stuff like that.

Quote

“It’s just geothermal energy,” said bitcoin miner Alejandro de la Torre, who recently made the move from China to Texas. “Iceland has been doing it since the very, very beginning of bitcoin mining.”

MinoRaiola

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Really nice that he publishes so much information. He doesn't have to do this, and he has important things to do, but the successes are great for Bitcoin. I'm sure some other countries are watching it and they are starting to get angry. Fomo for sure! The first one to come has the most success.

verita1

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My first impression when reading the headline of this news was:
OMG! 😱 Bukele did it! He is a president determined to continue with his plan to make the country of El Salvador the first country to own bitcoin and he goes with everything.
He studied it with his volcanic energy specialists, installed his equipment and already mined his first bitcoin.
The image he shared on Twitter reads:

Account balance
Payment complete. 0.00000000
Payment in progress 0.00000000
Payment pending 0.00483976
Mined pending (estimated) 0.00599179

Total 0.01083155

https://www.coindesk.com/policy/2021/10/01/el-salvador-mines-first-bitcoin-with-volcanic-energy/?outputType=amp

Topic: El Salvador 🇸🇻 Mines First Bitcoin With Volcanic Energy 🌋 (Read 242 times)