El Salvador’s first wind farmProject,it's good news for Bitcoin

masterrex

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Quote from: usernameyaya on July 22, 2021, 09:32:19 PM

https://renews.biz/70976/el-salvadors-first-wind-farm-commissioned/
El Salvador’s first wind farm Project has successfully commissioned now.We all know Bitcoin has become the country's legal cryptocurrency.Sure it's good news for Bitcoin mining in this country.How do you think of it?

Well, that's good news, I hope it will help to minimize that FUD regarding Bitcoin mining, which was powered from a dirty power source that contributed to the greenhouse effect in the atmosphere, This pieces of information can provide a positive outcome in Bitcoin and cryptocurrency mining if will implemented thoroughly. Anyway, aside from the wind, solar and hydropower sources El Salvador can also tap their huge Geothermal energy resources to power the Bitcoin and cryptocurrency mining farms if possible.

BOAEDAN

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maybe this energy was developed by El Salvador to give to several companies that are currently being developed in the country, maybe this energy is able to make a change for the crypto world, we can only hope that the existence of this electrical energy company will bring changes that have a positive impact on the bitcoin world for the future

kryptqnick

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It's nice that they'll have a wind farm, but only one farm obviously won't make much impact on its own when it comes to eco-friendly electricity or mining. That being said, according to a report I found (oh, stompix also linked to it), 22.25% of their energy is hydroelectric (eco-friendly), 21.17% is geothermal (also eco-friendly) and another 12% comes from eco-friendly sources (biomass and solar energy), so at least half of their energy is eco-friendly already, which is pretty good for a developing country. That being said, it's not like miners are rushing to start their operations there. The adoption of Bitcoin as money doesn't mean that people are going to mine Bitcoin there.

ranochigo

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Having Bitcoin-friendly policies doesn't make it suitable for miners to migrate there. In fact, wind farms are quite expensive and the power is quite erratic as well. Since the costs of electricity through that generation method is significantly more expensive than most, it isn't ideal for miners. It means nothing if renewable energy grows in proportion if the country cannot be independent of fossil fuel as their primary source of generation.

dkbit98

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Quote from: amishmanish on July 23, 2021, 06:47:06 AM

The protest seems motivated more by the politics of the Left parties, which used to enjoy greater influence in an earlier period.

That is what I said, some leftist group organized those protests, but still 77% of all people in El Salvador are not supporting Bitcoin and looks like they are scared from it's volatility.
Even some opposing parties in their parliament are trying to revoke Bitcoin bill and sue president for introducing it.

amishmanish

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Quote from: dkbit98 on July 23, 2021, 06:29:56 AM

Problem with El Salvador and their Bitcoin legal tender bill is that big majority of people don't support Bitcoin and they don't understand it, thinking they will lose they money so they prefer sticking with dollar in their shops.
Few days ago some leftist group even organized public protest against Bitcoin, despite ban that government imposed for all protest, so it is not all good news from El Salvador.
Someone should educate people there about hyperinflation and what is happening with dollar and all other fiat currencies.

The protest seems motivated more by the politics of the Left parties, which used to enjoy greater influence in an earlier period. Though, one cannot discount the possibility that a lot of people maybe genuinely distressed by the change. Nobody likes change, especially something as radical as being the first country in the world to make Bitcoin legal tender. It is obvious that the political opposition will do everything they can to make an issue out of it.

Rather than the hyperinflation argument, the argument for using LN and Bitcoin in El Salvador is about financial inclusion that can enable people to easily save money. The merchants are free to convert received BTC to USD instantly but the smaller details like conversion rates and fees maybe the friction points. It has been hard to get a gauge on what the President is saying because he has been making most posts in Salvadorian/ Spanish on Twitter. Let us wait and see how this pans out.

dkbit98

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Problem with El Salvador and their Bitcoin legal tender bill is that big majority of people don't support Bitcoin and they don't understand it, thinking they will lose they money so they prefer sticking with dollar in their shops.
Few days ago some leftist group even organized public protest against Bitcoin, despite ban that government imposed for all protest, so it is not all good news from El Salvador.
Someone should educate people there about hyperinflation and what is happening with dollar and all other fiat currencies.

DapanasFruit

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What I know based on press releases is that El Salvador will be using geothermal power to mine Bitcoin but then again if there are those venturing into wind power and there will be Bitcoin miners that can be their customers then it would be good and can be adding to the green mining equation for the coin as more and more are getting concerned on the source of power that mining is using. Maybe it is really possible to have a green Bitcoin after all.

dimonstration

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The wind farm project was proposed already before they announced Bitcoin. It seems that mainstream media using any update of El Salvador to shill Bitcoin despite there's no confirmed connection about it to Bitcoin. Before Bitcoin mining benefits to this project, I believe the energy will be use first for there additional power supply to its citizen.

GreatArkansas

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Expecting that this kind of project will start to spread again to other countries, I am positive here and bullish for Bitcoin.
El Salvador is really serious when they started to accept Bitcoin as legal tender after also the volcano mining Bitcoin news before and now the wind farm project.

Darker45

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This is El Salvador's first wind farm project. I doubt the energy it develops will primarily be given to Bitcoin mining companies. For sure, the Bitcoin mining industry will not be a priority in terms of electricity. However, it could be easier to access any potential surplus energy generated from it as it could only otherwise be wasted.

On the overall, it is nice that El Salvador is gradually cutting its dependence on fossil fuels. The shift to sustainable energy sources hopefully will significantly reduce electric cost in the country.

stompix

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Quote from: usernameyaya on July 22, 2021, 09:32:19 PM

Sure it's good news for Bitcoin mining in this country.How do you think of it?

Salvador is a net importer of energy:

Quote

Total exports to other markets in Central America were 64.83 GWh and imports were 1,449.7 GWh, mainly from Guatemala.

At the standard 0.3, productions to capacity that would mean 140GWh ss in order for Salvador to become at least energy independent they need 9 more of those, then they will have the energy to spare for mining.It's even mentioned in the article you've quoted:

Quote

In addition, the use of wind energy in El Salvador will help reduce the nation’s dependence on imported fossil fuels, provide the country with greater stability in the price of energy and diversify the national energy power grid.

Roy Asher

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Quote from: usernameyaya on July 22, 2021, 09:32:19 PM

https://renews.biz/70976/el-salvadors-first-wind-farm-commissioned/
El Salvador’s first wind farm Project has successfully commissioned now.We all know Bitcoin has become the country's legal cryptocurrency.Sure it's good news for Bitcoin mining in this country.How do you think of it?

This is indeed good news, but the article does not mention that it will be used for Bitcoin mining, mainly because the use of wind energy in El Salvador will help reduce the country’s dependence on imported fossil fuels.

mk4

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There's really no mention of Bitcoin mining on the article so.. while it might be good for bitcoin(at least not directly) because, it's still a win on creating more and more sustainable energy.

usernameyaya

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https://renews.biz/70976/el-salvadors-first-wind-farm-commissioned/
El Salvador’s first wind farm Project has successfully commissioned now.We all know Bitcoin has become the country's legal cryptocurrency.Sure it's good news for Bitcoin mining in this country.How do you think of it?

Topic: El Salvador’s first wind farmProject,it's good news for Bitcoin (Read 170 times)