Using renewable resources in Bitcoin Mining

stompix

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Quote from: fiulpro on June 13, 2021, 02:32:04 AM

El Salvador going to use Volcanic sources of energy to mine Bitcoins

Salvador is going to invite miners to mine there, not mine themselves! Big difference!
And the key for miners going there is the cost, green or dark, red or yellow the price per kWh is the one that matters.
If Salvador will not be able to offer energy cheaper than what others do, nobody will move there to mine, and the second problem is the amount of energy they have at their disposal, they claim they have 90MW, but that plant was in construction for years, it wasn't built yesterday and it's just surplus that will fed miners alone.

There is green energy everywhere, Italy has more geothermal energy than the entire potential Salvador has, but there are no giant mining farms there. California has the biggest geothermal powerplant in the world, with 1600MW, but look where miners in the US are moving to, good old coal, and why ??

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Marathon will pay $0.028/kWh for the energy, which is about a quarter of the average US domestic rate of around $0.11/kWh.

The price per kWh is all that matters, the gree stuff is propaganda.

Unless Salvador manages to keep it under 2 cents per kWh despite rise in consumption it will attract miners, if not, simple, no!

swiftbits

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They might not be a populous country, but they could start this journey of discovery and get insights from them.
Using renewable can help cut costs; this could be profitable as long as they modulate it effectively.

Lorence.xD

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What we actually need isn't new resources for energy because we have a lot of that right now and we have no use for most of them because we have no energy storage which we should focus right now because most renewable energy isn't reliable, sometimes the wind isn't that strong and sometimes when it's strong, the extra energy that was produced are sometimes dispersed because there's no storage for extra energy.

michellee

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Quote from: hd49728 on June 15, 2021, 03:54:04 AM

Quote from: michellee on June 15, 2021, 01:54:23 AM

What you are saying is correct. The world will change, and the industry will evolve with renewable energy. I guess the mining company will also adjust their power with renewable energy. I think they already use it from a long time ago before the media blew the issue up.

Years ago, solar power is far from hands of the public and they can not use solar power. Today, it is very common from urban to sub-urban areas, from big to small companies, and in many nations.

If you live in a big city, maybe you can install solar power without a problem and you do not have to pay a high cost. But I am not sure that the developing country will have the same cost as the material will not be cheap as in the big country. So maybe for them need solar power needs to wait for a while until the cost can reduce.

Quote from: hd49728 on June 15, 2021, 03:54:04 AM

Quote from: michellee on June 15, 2021, 01:54:23 AM

But for home mining that is run by personal, they do not think about renewable energy because the cost will still be too high for them to install renewable energy. Maybe later, if those companies can reduce their price to install renewable energy, people will start moving from the current energy to renewable energy. If that can happen to all companies mining bitcoin, the electricity cost will reduce, which will trigger bitcoin to have more popular because the mining process will not make a problem in the future.

I think mining farms that are from personal investments or small group investments will adapt to. If they have demand to reuse power, energy, temparature, and the future technology is feasible, cheap enough for them, they will use it.

Everyone want to save cost if we can and mining farms do too. If they see benefit is bigger than cost, they will invest more. Mining rigs are not cheap, honestly but people still invest and participate in crypto mining.

At least, they will search for other energy to continue the mining process because if they still use the regular electricity, that can cost them a high fee to pay the electricity.

The rigs for mining still expensive and not many people can buy that hardware. Besides that, they need to adjust their hardware with the newest hardware to earn more rewards.

hd49728

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Quote from: michellee on June 15, 2021, 01:54:23 AM

What you are saying is correct. The world will change, and the industry will evolve with renewable energy. I guess the mining company will also adjust their power with renewable energy. I think they already use it from a long time ago before the media blew the issue up.

Years ago, solar power is far from hands of the public and they can not use solar power. Today, it is very common from urban to sub-urban areas, from big to small companies, and in many nations.

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But for home mining that is run by personal, they do not think about renewable energy because the cost will still be too high for them to install renewable energy. Maybe later, if those companies can reduce their price to install renewable energy, people will start moving from the current energy to renewable energy. If that can happen to all companies mining bitcoin, the electricity cost will reduce, which will trigger bitcoin to have more popular because the mining process will not make a problem in the future.

I think mining farms that are from personal investments or small group investments will adapt to. If they have demand to reuse power, energy, temparature, and the future technology is feasible, cheap enough for them, they will use it.

Everyone want to save cost if we can and mining farms do too. If they see benefit is bigger than cost, they will invest more. Mining rigs are not cheap, honestly but people still invest and participate in crypto mining.

DapanasFruit

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Geothermal energy is considered to be clean and environment-friendly, and I should know because in my location we are getting our power from an inactive volcano. Now, if Bitcoin mining can be using this type of energy, then maybe Elon Musk will be smiling all day and will be back backing Bitcoin again. I am glad that El Salvador is also taking up Bitcoin mining as they now have the plan to make it as official money within the country. This is what is Iran is doing also with the purpose of evading the embargo.

Obito

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So they are using Geothermal Energy to fuel mining in their country, that's actually pretty because it doesn't have any or close small amount of pollution because it's the heat basically of the planet that they are using. I think that it is the end game for energy resource for any sector or aspect of life.

michellee

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Quote from: hd49728 on June 14, 2021, 05:26:42 AM

Quote from: michellee on June 13, 2021, 11:26:57 AM

There will always be a solution to solve every problem for bitcoin. Using renewable resources in bitcoin mining is the answer, as we know that many resources are not yet used. So with the news from El Salvador that they want to use Volcanic sources of energy to mine Bitcoins will bring a new idea for people who wish to mine bitcoin. Wind power, water power, and other resources, even solar power, need to research before using them to help the mining process. So Bitcoin really brings a new way to change the world for the better because that will start invention in renewable resources.

Bitcoin mining is not too terrible for environment and media spreads it as the end of this world. They do it when Bitcoin need to be corrected after many months with Bull.

Above 35% of energy that is used for Bitcoin mining is renewable that is environmental friendly. Mining farms will use more sources from wind, water, solar and geothermal energy. And they can set up more equipments to use heat from ASICs for local demands. If governments are more strictly to enforce mining farms to do so, they will.

We witness it with many industries and in many nations. In first phases of industrialization, nations are very soft and easy with regulations for environments. When the industrialization growth reaches to a level government wants and the impacts on environment is bad enough, chances will happen.

Fortunately, industrialization does not die, stop or whatever postpone. Bitcoin mining and crypto mining will be adapted to governmental regulational changes as same as that.

What you are saying is correct. The world will change, and the industry will evolve with renewable energy. I guess the mining company will also adjust their power with renewable energy. I think they already use it from a long time ago before the media blew the issue up.

But for home mining that is run by personal, they do not think about renewable energy because the cost will still be too high for them to install renewable energy. Maybe later, if those companies can reduce their price to install renewable energy, people will start moving from the current energy to renewable energy. If that can happen to all companies mining bitcoin, the electricity cost will reduce, which will trigger bitcoin to have more popular because the mining process will not make a problem in the future.

hd49728

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Quote from: michellee on June 13, 2021, 11:26:57 AM

There will always be a solution to solve every problem for bitcoin. Using renewable resources in bitcoin mining is the answer, as we know that many resources are not yet used. So with the news from El Salvador that they want to use Volcanic sources of energy to mine Bitcoins will bring a new idea for people who wish to mine bitcoin. Wind power, water power, and other resources, even solar power, need to research before using them to help the mining process. So Bitcoin really brings a new way to change the world for the better because that will start invention in renewable resources.

Bitcoin mining is not too terrible for environment and media spreads it as the end of this world. They do it when Bitcoin need to be corrected after many months with Bull.

Above 35% of energy that is used for Bitcoin mining is renewable that is environmental friendly. Mining farms will use more sources from wind, water, solar and geothermal energy. And they can set up more equipments to use heat from ASICs for local demands. If governments are more strictly to enforce mining farms to do so, they will.

We witness it with many industries and in many nations. In first phases of industrialization, nations are very soft and easy with regulations for environments. When the industrialization growth reaches to a level government wants and the impacts on environment is bad enough, chances will happen.

Fortunately, industrialization does not die, stop or whatever postpone. Bitcoin mining and crypto mining will be adapted to governmental regulational changes as same as that.

michellee

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There will always be a solution to solve every problem for bitcoin. Using renewable resources in bitcoin mining is the answer, as we know that many resources are not yet used. So with the news from El Salvador that they want to use Volcanic sources of energy to mine Bitcoins will bring a new idea for people who wish to mine bitcoin. Wind power, water power, and other resources, even solar power, need to research before using them to help the mining process. So Bitcoin really brings a new way to change the world for the better because that will start invention in renewable resources.

worle1bm

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They are into serous crypto business and promoting Bitcoin in their country at high scale.They have directed the largest geothermal plant to use volcano energy for Bitcoin mining which is advanced step towards renewable sources of Bitcoin mining without consumption of electricity.Moreover they have also announced a priviliged scheme for Bitcoin traders and holders.

Whosoever wants to gain El Salvador permanent residentship they need to invest only 3 Bitcoins into their economy and that's it as simple.They have more plans ahead but elections are near and what the most eligible candidate and Iranian judiciary chief Ebrahim Raisi if win the election have plans for Bitcoin.

But at current El Salvador is making some serious and revolutionary changes for crypto market especially Bitcoin.

avikz

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It's more of a clever step than good! El Salvador has done something revolutionary and they are certainly expecting push back from the international agencies that looks after environment. Also the international banking groups might try to push back hard in an international level because they know if El Salvador succeeds in their reforms this way, this is certainly going to send out a strong message to similar other countries and possibly encourage them to adopt bitcoin or other cryptos. So El Salvador is trying to stay in a good position before any criticism starts popping in.

I am happy to see that this small country is trying to set things right from the very beginning.

kizlod

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Using renewable resources is really great for BTC and whole planet. It's something that we need to go to. What's the point of BTC if there's will be no person to use it?

ilovealtcoins

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The fact that El Salvador accepts Bitcoin and uses renewable energy to mine them is a good sign. They adopt Bitcoin and renewable energy, which makes it impossible for other countries to have any criticism because they do not destroy the environment. Other countries around the world will probably follow El Salvador in national monetary reform. By then, the Bitcoin market can surpass the $65k ATH mark.

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Quote from: electronicash on June 13, 2021, 03:27:43 AM

there's the Strike app they are saying, kind of wallet they use there to pay BTC. proof that they really use BTC there casually that even this local store accepts BTC.
mining using the volcano is very renewable. not a very common use for a volcano but if it can be done it's good.

so this is the government mining BTC, that's very positive news for the locals, the government is said to be paying BTC to their employees.

Yes, all of it is great news in relation to Bitcoin adoption but my concern is, sometimes workers might want to save some of their earnings or you might not spend all at once, and in this case, if they are paid and with the nature of Bitcoins volatility, it could either go up in price in favor of the workers or downward, making them lose a bit of their salary value. Does this mean they will immediately change to stable coins?

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Yes, understand it from the volcano as alternative energy but it is nothing more than the collateral of the news that El Salvador adopted bitcoin, it is a country that has been doing transactions with bitcoin for years and is the serious point of what bitcoin really represents in El Salvador.

Mining is sure to come, but at present it is a nice project just that.

hd49728

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Debunking the "Bitcoin is an environmental disaster" argument.

Bitcoin mining is environmental friendly enough if you compare it to many other industries. Many renewable resources are used and people attacked bitcoin mining that is an operation of the most efficient and secured network to for financial transactions.

It looks good if you are talking about other industries but if it is Bitcoin, it is harmful for environment.

It is bad accusation and not fair.

Weawant

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El Salvador's statement sounded like a rebuttals to Elon Musk's tweet. I can see that El Salvador's doesn't really mean to publish him using renewable resources to mine Bitcoins. It's only because Elon Musk acted to make Bitcoin fall and influence the price.

Mining using renewable resources has been there since day one. Consuming electricity energy from the distributors are also pain in the arse. That is why people would prefer to do renewables. That's a win-win for them.

This is an issue that can be easily resolved. I don't think this is something this threatens people but I think they had to do something about it.

StonerStanley

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It should be used for science or other cryptocurrencies, not for a old and slow cryptocurrency as Bitcoin is.

(as a moderator told me, this message has nothing against the rules so i repost it)

ILuckyGuyI

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Finally we will be starting to see this in practice. But I've heard that some miners have already been using renewable energies. So, this won't be the first time renewable energies' being used. The more renewable energies are used, the more Bitcoin is accepted.

KaliLinux

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Quote from: UKprod on June 13, 2021, 03:07:31 AM

Yes, El Salvador stating that it will use renewable sources of energy to mine Bitcoin is a good news. When the world is demonizing Bitcoin mining, thanks to Elon's statement that Bitcoin mining increases electricity consumption, El Salvador has shown quite how these sources of how geothermal energy can be used and excess of this energy can just be used for Bitcoin mining. Quite grateful to El Salvador to show the way.

Further, this would encourage different countries to come up with more avenues to tap into renewable sources of energy and thus increase sustainability.

True, this is a good move by the El Salvador President and will charge a new part for Bitcoin mining but the thing is, why hasn't this been thought about by all of the Bitcoin mining countries?
It is the necessity they say is the mother of all invention and has that pushed El Salvador this way because they saw no other way to their economic financial problems. We know there are a lot of different renewable energy sources that could be use for this purpose and I am personally glad that we will start to look at this option now.

franky1

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ever since 2014.
majority of bitcoin mining farms had already set up in renewable energy regions due to the deals they could do with power companies.

so for mining farms its been a non issue

the complaints about bitcoin mining and climate change is not the large pools/farms. but instead the hobby miners that cant just move house to a new region and so just use their domestic house electric supply where they live which mostly isnt in renewable regions.

its the hobby miners overloading their streets circuit capacity and causing brownouts in residential area's that governments are trying to tackle.. not the farms in renewable regions.

what you will find is that most altcoins dont do 'farming'/large mining projects and their mining attempts are instead done by hobby miners in residential neighbourhoods using residential quality circuit breakers. in regions with fossil fuel power stations

thus altcoins are the coins more likely to be fossil fuel burners.. not bitcoin

electronicash

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there's the Strike app they are saying, kind of wallet they use there to pay BTC. proof that they really use BTC there casually that even this local store accepts BTC.
mining using the volcano is very renewable. not a very common use for a volcano but if it can be done it's good.

so this is the government mining BTC, that's very positive news for the locals, the government is said to be paying BTC to their employees.

UKprod

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Yes, El Salvador stating that it will use renewable sources of energy to mine Bitcoin is a good news. When the world is demonizing Bitcoin mining, thanks to Elon's statement that Bitcoin mining increases electricity consumption, El Salvador has shown quite how these sources of how geothermal energy can be used and excess of this energy can just be used for Bitcoin mining. Quite grateful to El Salvador to show the way.

Further, this would encourage different countries to come up with more avenues to tap into renewable sources of energy and thus increase sustainability.

fiulpro

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Within few days the forum is flooded with topic regarding how El Salvador is making Bitcoins a legal currency. Honestly I was not so sure that it will be a great idea considering how the Volatility is reaching similar heights of 2020. But there was an article that not only we are overlooking but is also a leap in the industry.

El Salvador color going to use Volcanic sources of energy to mine Bitcoins

I do believe that we all understand how renewable sources of energy and their integration in Bitcoin mining was something that we needed since a long time.

This is how you correctly move forth with such decisions.
For me it's a really big news since I don't see that we have seen such steps on a big scale yet.

Way to go !!

https://www.npr.org/2021/06/11/1005231250/el-salvador-plans-to-use-electricity-generated-from-volcanoes-to-mine-bitcoin

You can read the full article here.

Topic: Using renewable resources in Bitcoin Mining (Read 202 times)