El Salvador to mine bitcoin using Volcanic energy - page 4.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: Kittygalore on September 29, 2021, 05:37:14 AM

Shouldn't that volcano energy be considered geothermal?

Of course it geothermal, all the energy in Iceland comes from the same source, but Volcano sounds better, laser eyes, pumping news...
I wouldn't trust any news that comes from Bukele, all he does is media stunts and all are hailing his knowledge because they don't care is it's true or not, it's good for the price then what's the problem?

Take for example his tweet about a 100MW well..there is no such thing! Not in Salvador, not in the world and there won't be any!
The largest wells in the world are 40MW, if anyone in Salvador would have drilled such a well it would have been in the news at the start of the drilling two years ago. One of the most efficient power plants in Iceland has 300MW capacity, but it has not 3 but 90! wells.

Second, the station he shows in the pics is 20 years old and has a capacity of 100MW , Salvador has two powerplants Ahuachapán 95 MW , 25 wells, Beriín 109 MW , 36 wells.

But who cares about facts, we need laser eyes!!!
When the news about the China ban came it was all FUD, FUD,FUD!, when the news about the fake amazon deal came nobody criticizes a thing, it didn't matter it was fake, it was a good fake, everyone would love to live in a lie if it brings two more pennies to the price.

lumierre

full member

Activity: 862

Merit: 100

Quote from: Dave1 on September 29, 2021, 03:02:12 AM

El Salvador to mine bitcoin using Volcanic energy, how cool is that? (no pun intended).

https://twitter.com/nayibbukele/status/1442949756993490945

The source is the President himself through his twitter? What can you say about this move?

El Salvador paving the way for "volcanode", Lol.

Actually I like the idea of moving to renewable energy instead of this that has a limit and pollute our environment. I support the idea of using volcanic energy to mine Bitcoin, as it is a really energy consuming process and this way this energy will not be so dangerous for the Earth. It is a smart step of Salvador's president. This way he will reason with those who are against Bitcoin because of dirty energy.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

LOL... Nayib Bukele is trying to kill two birds with the same stone. One one hand, he is taking care of those who criticize Bitcoin mining, claiming that it consumes a lot of fossil fuels. And on the other hand, he has diverted attention away from the untrustworthy power supply from the national grid. I saw the original tweet, where there was a short video of a mining farm being set up. It works for publicity purpose, but in order to catch up with other countries in terms of hash power, El Salvador needs some time.

kawetsriyanto

legendary

Activity: 2226

Merit: 1086

duelbits.com

Cool, I am wondering how long they have prepared this all. He said this is the first step, this may be hard not easy enough. But always, every step that he took is always surprising. I am sure that he has many great people and professionals behind in order to support his decision.
But, it sometimes will not be easy at all, moreover, there will be other statements again from other countries or popular people to against. Sometimes, that's politics.
Btw, will it be limited?

Hydrogen

legendary

Activity: 2562

Merit: 1441

On average, geothermal seems to be lower cost electricity than solar, wind or hydroelectric power. The main limiting factor for hydroelectric appears to be volcanoes which el salvador appears to have in ample supply. If the united states cracks down on crypto mining and closes down the industry the way china did, el salvador could be their next stop.

If el salvador has time to consolidate their gains, they should see a big positive impact from their crypto friendly regulation. While other neighboring countries would struggle to produce meaningful economic growth. The stark contrast would be palpable.

There are "protestors" of bitcoin in el salvador. But I don't know why anyone would protest new inventions and technology that can only improve their qualify of life.

taufik123

legendary

Activity: 2716

Merit: 1855

Rollbit.com | #1 Solana Casino

Excellent use of natural energy when using volcanic mountain activities for mining. In addition to saving the use of conventional electrical energy, it also provides greater energy.

But the use of natural energy like this must also pay attention to the preservation of nature and make some updates to the natural landscape so that it does not cause negative effects or effects that can damage nature.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

An actual madlad that thinks for the benefit not only of his country but for the image of bitcoin as well. Bitcoin mining has always been plagued by huge energy consumption issues, and what better way to address it other than announce that you will be harnessing power from a natural source that has always been there and that is also completely viable. I'm quite glad that the developments happening on El Salvador is publicized. At least the world knows that progress on bitcoin can be made by a country if they are willing to do it.

Luqman

sr. member

Activity: 826

Merit: 263

It seems El Salvador is trying all efforts to take advantage of Bitcoin, even they start mining to earn more Bitcoin. I don't know if it is a wise decision made by Mr. President, not sure how it will end. But we must admit that Mr. President is really brave to start mining after buying a big number of Bitcoin for his country. We must appreciate him to trust the Bitcoin future, more than those weak holders. For me, Mr. Nayib is a new Hero to support Bitcoin adoption in the world.

marilynmanson21

hero member

Activity: 1260

Merit: 510

efficient use of natural resources, where the government uses volcanoes as a source of electricity, hereby elavador is the first country to use volcanoes as energy and here can also explain that mining bitcoin does not interfere with the environment and electricity supply as previously discussed.

jossiel

hero member

Activity: 3150

Merit: 636

DGbet.fun - Crypto Sportsbook

Great idea.

Another natural source that will be used for mining, I guess it will be great that they'll have to be natural method for it and maybe the specialists about the green energy would love this.

Or they'll still say something negative?

DarkDays

legendary

Activity: 2030

Merit: 1189

Quote from: Poker Player on September 29, 2021, 03:07:58 AM

Although mining and legislation on Bitcoin seem to me to be very good ideas, now it only remains for the price to take off for the people of El Salvador to get rid of their doubts.

Sure, mining and legislation are two different matters but the guys is getting through them both. The fact that he is looking at volcanic energy to power the mining of BTC is proof of that. I'm not sure how viable the idea actually is but it brings the positivity that this man has for his country and for BTC.

I suppose, all that's left is to wait patiently until the price soars...

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Quote from: milewilda on September 29, 2021, 03:49:16 PM

Quote from: mk4 on September 29, 2021, 03:50:18 AM

He has been teasing volcano mining for a while now. Right?

But yea, another method of mining in a natural way that puts up another middle finger to those people who think Bitcoin wastes too much energy. Not to mention that it's pretty badass as well!

Badass indeed! This do really put up a big slap into the face into those people/institutions/government that do really make out some issue about waste of energy because of bitcoin mining.

Im bit excited on how El salvador would be showing up more on a true acceptance or integration of Bitcoin and other things attached to it.

Many people will change their perspectives towards bitcoin on how this country is making a difference in crypto market. While China is totally banning the usage of crypto as well as miners, El Salvador is doing the opposite. They are looking for ways on how to optimize their opportunities in bitcoin market and now bitcoin mining. Are we seeing this country to be a game changer?

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: mk4 on September 29, 2021, 03:50:18 AM

He has been teasing volcano mining for a while now. Right?

But yea, another method of mining in a natural way that puts up another middle finger to those people who think Bitcoin wastes too much energy. Not to mention that it's pretty badass as well!

Badass indeed! This do really put up a big slap into the face into those people/institutions/government that do really make out some issue about waste of energy because of bitcoin mining.

Im bit excited on how El salvador would be showing up more on a true acceptance or integration of Bitcoin and other things attached to it.

Shenzou

sr. member

Activity: 1400

Merit: 283

Quote from: Dave1 on September 29, 2021, 03:02:12 AM

El Salvador to mine bitcoin using Volcanic energy, how cool is that? (no pun intended).

https://twitter.com/nayibbukele/status/1442949756993490945

The source is the President himself through his twitter? What can you say about this move?

El Salvador paving the way for "volcanode", Lol.

It seems to me that the president of El Salvador is going in hard on using bitcoin, and he has so much trust and belief in its potential and its future to become a global asset, for him to not just accept it and make it a legal tender but to also start mining and using green energy is a genius idea and shows how bitcoin is sees as a resource that will be as good as gold in this day and age that countries will race to get their hands on.

Stunzz

member

Activity: 93

Merit: 11

Just few weeks after making Bitcoin a legal tender in their country, with no delay, they pace up in mining the newly acceptable currency with volcanic energy. To me, I think El Salvador is one of the smartest country I've ever known. As the world keeps revolving, clearly with no shadow of doubt, El Salvador will never be left out of the race.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

Quote from: NeuroticFish on September 29, 2021, 04:27:17 AM

Quote from: Ucy on September 29, 2021, 04:13:37 AM

When I saw volcanic energy it reminded me of huge molten firey substance gushing out of earth in a violent manner , how do you safely convert that to energy? I guess he's talking about something less extreme like the typical geo thermal energy.

It's geothermal energy indeed. But it's the geothermal energy the one that creates that "fiery substance" too Wink

I'm not sure how it's harvested though. If it's via hot springs it's easy. Else it's them who had to find a way to heat the water using the geothermal energy.

But from my understanding they already have power plants running on this principle, all they've done for now was to bring miners use that energy (and maybe produce some extra for those miners).

Interesting. I was wondering how they managed to build the power plant in a short time. I assumed they planned to build one specifically for Bitcoin mining when posts concerning mining in the country first appear on this forum. If they have been using geothermal plants for years, then we can atleast hope they are experienced enough to sustain this without much problem. It initially sounded like an experiment or a new thing

ziyaaa

member

Activity: 532

Merit: 18

Volcanic energy is a renewable geothermal energy. So it is technically renewable and it can be used for Bitcoin mining also as it seems. It is going to be a first experience with volcanic energy in this field I guess. El Salvador is still continuing to be one of the firsts to take brave actions. I hope that this can be helpful for the environment to stay better and then maybe the other countries would also start preferring this way.

The Cryptovator

legendary

Activity: 2394

Merit: 2223

Signature space for rent

I will say, El Salvador is in the right direction. It's was a matter of concern mining Bitcoin due to the use of energy. But if we can use natural energy for that, then I think the concern is over in case El Salvador succeeds in mine bitcoin using volcanic energy. I am wondering El Salvador getting an advantage by banning Bitcoin mining in China and also using natural energy. After few days we might hear all mining industries banned from China moving into El Salvador or where generating energy from nature like El Salvador. Those who talked negatively about Bitcoin mining, most likely their mouth will shut up in El Salvador succeed. Let's think positive, and ignore negative.

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: Dave1 on September 29, 2021, 03:02:12 AM

What can you say about this move?

I say let the age of Volcano Mining may begin, and other countries should follow if they ever want to escape IMF and central banks debt slavery.
In United States you can find more than a hundred volcanos with eruptions happening almost every year, and most of them are located in perfect location for Bitcoin mining - Alaska.
Other countries with volcanos are Russia, Indonesia, Iceland and I think that Italy with Etna Volcano would be a good candidate, especially knowing their economic situation.
Geothermal energy is great, but I hear that initiative is starting to use not only volcanos, but nuclear energy also.

AicecreaME

sr. member

Activity: 2436

Merit: 455

Quote from: Dave1 on September 29, 2021, 03:02:12 AM

El Salvador to mine bitcoin using Volcanic energy, how cool is that? (no pun intended).

https://twitter.com/nayibbukele/status/1442949756993490945

The source is the President himself through his twitter? What can you say about this move?

El Salvador paving the way for "volcanode", Lol.

I've seen a similar article before and it's really a great move for El Salvador considering that the price of electricity in mining bitcoin is definitely costly. Using geothermal energy as their source of electricity is a great alternative because aside from it being cost-efficient, it is also environmentally friendly because it is a renewable resource. I think most of us are already aware that bitcoin mining really consumes a lot of power, hence some of the countries that have mining sites of bitcoin restrict and limit the mining due to lack of enough power to be used. If they will be able to push this through, bitcoin mining will be cheaper and the environment won't suffer as much due to the additional burning of fossil fuels for electricity. They won't be bothered on where they would get the energy as well because they have abundant volcanoes within their area to use as their source of energy.

Topic: El Salvador to mine bitcoin using Volcanic energy - page 4. (Read 681 times)