Topic: El Salvador to mine bitcoin using Volcanic energy - page 2. (Read 683 times)

They could have used volcanic energy to reduce its dependency on foreign fossils fuels, but instead they used it to mine Bitcoin.

Talk about wasted potential.

So where is Elon Musk now,is he seeing that natural energy is used for mining Bitcoin,hopefully what El Salvador is doing will make many other countries especially those who have volcanoes to start trying this.After many countries hopefully will start doing this I think then it is only natural for Elon Musk to start accepting Bitcoin again for his Tesla cars,which in theory should increase a lot the price of Bitcoin.El Salvador is setting great examples for Bitcoin to the whole world from accepting Bitcoin as a legal local currency and implementing mining from natural resources.

El Salvador is setting examples for the world, be it legalizing bitcoins, installing atms, using renewable energy for bitcoin mining or anything. They are taking risks and I hope other countries will follow them if they get successful.

No one knows how things will work out for that country. Bitcoin is profitable for the individual users but here you are talking about a country that has recently accepted Bitcoin as a legal tender. Yes, it will help in mass adoption but it is hard to say now whether it will benefit a country and all its citizens. We need to wait and watch for a few years to analyze that.

I think what you are saying is mere speculation. El Salvador is trying to make other countries aware that investing in Bitcoin is profitable, I hope other countries are motivated to follow in El Salvador's footsteps and make the bitcoin price even higher. whatever the real purpose of El Salvador adopting bitcoin, I keep support them.

I think it is pretty cool of them to harness geothermal energy that are renewable to mine Crypto currencies. The president is showing the middle finger to the greedy Banks and Remittance companies and he is showing Elon Musk and all the pessimists that Bitcoin and other Crypto currencies can be mined by using renewable energy sources. 

I cannot see why so many of you are raging on him for doing things that are out of the box.... him being a dictator is bad.... but him being clever enough to show the finger to rich countries .... is funny as fuck. 

How possible could this be cause I'm anticipating for such technology that will be convenient and be more easier to extra energy from volcanoes. Maybe he's just trying to make his Bitcoin adoption look cool to people by bringing in simple strategy that can make his followers follow his ideology of accepting is concept. If this is possible to achieve then I think it's a good idea and should be embraced.

Why not use volcanic energy to mine BTC? The question is, does El Salvador have the technology to extract energy from a volcano? Recently, we can see a lot of loud announcements, which, upon close examination, turn out to be a deception. I am not saying that the President of El Salvador is deceiving, but this message looks too dubious. I think that we need to get more information about this news, and it is best to wait for evidence that this actually works. It's just that such news is most often created in order to influence the price of BTC, but how will it actually be, time will tell.

I'd rather have them tap geothermal and risk the occasional eruption, than tap nuclear and risk the occasional fallout, or accidents transporting the fuel and spent fuel, and the sad place where it ends deposited.

Indeed you don't actually need volcanos, but those are a dead giveaway for geothermal sources. Japan has lots of them, and yet they went with Nuclear... This should have been started in the 60ies or something, they should all close those nuclear plants.

And this of course is not limited to Bitcoin mining, but its the perfect oportunity since it can self-sustain the construction and operation of these plants. El Salvador can later export the excess energy after using it in their own country.

That is really cool intro video. I am not sure how far this will go and what are there plans but if they are setting up the mining operations (the Government) then this is huge leap in the field of technology and employment perspective. If it's government then surely its gonna have lot of jobs to take care of the mining operations and also the Volcanic electricity plant. Not sure how the later one works really but thats freaking cool to hear it. Lolz.
So El salvador first legalised the use of bitcoin and on top of that they encouraged the use of it on daily basis. After that they bought huge amount of BTC ATM and here you go the bonus is on it's way. Just loving the whole thing about El Salvador. I just hope this turns out pretty good.

I am not in the position to say how poor a country is because I really don't know. But in my opinion, El Salvador just want to take advantage on the situation that no country has accepted cryptocurrency and maybe they have the reserve money to invest and use Bitcoin. I think the government has already partnered with some private Bitcoin companies that would manage its assets (maybe?) or possibly act as a consultant and to train natives in managing the coin.

It is certainly not green if you're in a country with some dependency on fossil fuels. There is a net gain in carbon footprint, especially if you are incurring opportunity costs by allocating more renewable energy to Bitcoin mining, which means there would be an increase dependence on fossil fuel. Renewable energy facilities are more expensive to build, and claiming that it is cheaper usually comes with the premise that the general population are subsidizing it to a certain extent.
Mandating businesses to accept Bitcoin does nothing to improve their lives. The recognition of it as a legal tender doesn't do anything for the citizens, because their currency is denominated in USD which is far, far more stable than Bitcoin. The price of it doesn't drop by 10% in a matter of hours.
It doesn't. Legalizing Bitcoin doesn't solve the inherent issues that they're facing. North Korea can do the same, but the country will still be rife with poverty and corruption.
No. Corruption has no place in politics, neither is dictatorship. The fact that someone is able to game the system, by amending the constitution to give themselves more power or installing politicians who are known to be corrupted isn't a common place in politics. Accepting Bitcoin isn't the first step in the right direction, the right thing to do is to solve the domestic issues and not try to create more positive PR for his cause and consolidate even more power.

The fact that any politician in the world can declare that they're a 'dictator' is disgusting. It sets a precedent that should never happen in the society that we have today. Again, Bitcoin does nothing to change that. Accepting Bitcoin as a legal tender DID NOT help his country with their poverty or corruption.

---

Point is, no matter how much you support Bitcoin, don't negate the larger issue at hand. It is nothing but a distraction from the larger issue at hand.

No knowledgeable person will expect renewable energy to be totally green because whatever has an advantage must also have a disadvantage that's what it is but what I am saying is that it reduce the level of hydrocarbon injected into the atmosphere.

Yes, their community won't improve through the legalization of Bitcoin if the people don't improve themselves and also make use of every new opportunity that the Bitcoin legalization introduced to them. However, those who are smart will make something out of it.

The president may not do anything by legalizing Bitcoin but it showcases the country to the world and people said advertisement is powerful.
I don't like politics and neither did I support corrupted leaders but it is not easy to eliminate when the foundation of politics was built on corruption. An example. Do you hear about some new US presidential elections vote that was detected recently?
Satoshi understands this which is the reason why he/she created something decentralized.

I understand your point but violence can not give them what they want and I understand long ago that depending on the government to provide a certain solution will only lead to frustration that is why I easily overcome the negative habits of every government cause they only understand 3 languages "power, money and selfishness".

First of all, I know that I am not the type that supports government looking into the matters of decentralized communities, but sometimes this can have its own advantages such as what the  government of El Salvador is doing right now.

Imagine if it was just an ordinary individual, they wouldn’t have been able to initiate something like this. Only the government can carry out a move such as this because they have the power to do it and no one will question them, but if it were to be just an individual who is trying to do this, they would have been punished for it, especially if Bitcoin is not legal in that country.

A lot of whats been posted just above ^ is right, particularly the green clean energy points.

Its very difficult to create clean energy without first using fossil fuels and releasing carbon to create
the thing which generates clean energy.

They may be mining Bitcoin with clean energy, it may be factually correct. My utopian view would
like to think that Bitcoin will enable El Salvador to reduce its dependence on other nations resources.

I wonder which is less harmful to the environment, creating geothermal power plants with a long
lifespan or creating solar panels and wind turbines with 20 year life spans?

Given the choice I think I would opt for GT

It seems like the President is more interested in coming up with these weird ideas that will benefit the country very little than actually solving the day to day situation that people are facing in El Salvador. He is basically an Elon Musk type character, living in a bubble at the top and just toying with people because it will have no impact on them personally. He is focused way too much on the micro instead of looking at the macro situation, but then this is the way of the world these days - everyone wants instant results, gratification and to be some kind of mini celebrity. I doubt Volcanic energy mining will ever grow into a big industry when there are much easier sources of renewal energy out there to access.

It's good that they can already use those underground springs, then it's not *that* difficult (or expensive).
It would be shame to not use those resources they have there for free.
I really hope that they will build soon (!) more such power plants. It could be more useful/productive than, you know, drying fruits... (nothing bad in that, though).



I've read that the country imports quite a big amount of electricity. Hence using these existing power plants for Bitcoin, while it's nicely presented, is not the best deal for the country.
As I said, they should build more power plants. At the moment they'll mine using the excess energy, then yes, it's all clean and I'll be happy with the outcome. But now, they just use others' dirty electricity for their home/industry needs and then advertise they mine Bitcoin with clean energy... not nice.

No such thing. Most renewable energy are in fact, not green. Most forms of renewable energy produces environmental impacts, either in the form of its byproducts or through ecosystem damage. If you're thinking geothermal energy is completely green, then I'm sorry that is not accurate. Moreover, they are still an importer of electricity.

It is a diversion. Legalizing Bitcoin does not necessarily mean that their community improves. In a similar vein, it would be worth to compare if North Korea would legalize Bitcoin. It does absolutely nothing to improve their standards of living. The country still lives in poverty, and their lives are not improved whatsoever. The president is not doing anything by legalizing Bitcoin, if anything, he wouldn't have consolidated the power and eliminated the rampant corruption in his government.

Last time I checked, most protests doesn't amount to anything in an authoritarian society. Who cares how expensive Bitcoin ATMs are. The country has one of the lowest standards of living, ffs. If the president isn't doing anything to help improve the situation, then they can protest all they want.

This impresses me a lot.
He really opens other governments eyes that they are not a weak country as they think because they can use the natural resources to their country.
It is the newest resource for their people that if could develop more, it will help their country to grow rapidly.
I am curious about how much power they have to mine that Bitcoin and how long they get that amount because I think their hardware will be very very good at all.
Salute for El Salvador.

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.

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.




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 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.


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.