Skip to main content

Salvadoran President Shares Video of Volcano-Powered Bitcoin Mining Facility

http://motleybloggers.com/wp-content/uploads/2021/09/salvadoran-president-shares-video-of-volcano-powered-bitcoin-mining-facility.jpg

On Tuesday, Salvadoran president Nayib Bukele shared a video of a bitcoin mine operating adjacent to a volcano. Bukele discussed the volcano-powered bitcoin mining on June 9 when he talked about the “95MW of 100% clean, 0 emissions geothermal energy from our volcanos.”


El Salvador’s Nayib Bukele Shares a Video of the ‘First Steps’ Behind the Volcano-Powered Bitcoin Mine Construction


The president of El Salvador shared a video via the social media platform Twitter that said “First steps,” as the film shows ASIC bitcoin mining rigs being installed at a geothermal energy plant. The video shows containers that are emblazoned with the Salvadoran government logos and a large quantity of ASIC mining devices. The video has been viewed around 2 million times on Twitter, and Bukele’s video tweet has over 50K likes and over 12,000 retweets.




While many bitcoin proponents said the mining facility was “impressive,” a few Salvadoran citizens complained about the use of energy. “So, there are centers to produce more energy, but to mine bitcoin,” one individual asked the Salvadoran president. “People who have been waiting for electricity for more than 30 years. Not that you would help those most in need? Hypocrite,” the person added.

A lot of people gave the woman flak for asking Bukele that question, but a number of people stuck up for her. “She just wonders, like any normal person,” another individual replied in Nayib Bukele’s tweet thread. “Why is there money to set up power plants for [bitcoin] mining and there is no money to supply the entire population. Before insulting people, make an argument,” the person added. Besides the introduction to volcano-powered bitcoin mining this past June, Bukele also discussed the subject in greater detail on an episode of “What Bitcoin Did.”

‘Very Clean Source of Energy With Almost No Downsides,’ Project Construction to Cost $480 Million


The Salvadoran president told the host Peter McCormack about how “El Salvador has not been the country that’s recognised to be the first in innovation,” but he asked, “Why not this time?”

While Bukele stressed during his interview that geothermal energy was “a very, very clean source of energy” and that it has “almost no downsides,” the Salvadoran president did not go over the subject of specific Salvadorans not having access to electricity. “Currently, the electrification index is 83.4%” in El Salvador according to the latest statistics. Major urban areas in El Salvador have around 97% access to electricity, while ruralized regions in the country today show an electrification index estimate of around 72%.

El Salvador is the largest producer of geothermal energy in Central America and in July, the country suffered from a massive power outage. The Regional Operator Entity (EOR) based in El Salvador told the press that they witnessed a “load loss of 2,300 megawatts.”


The power outage in El Salvador and other regions in Central America cost around $18.2 million from failures. “The demand we had at that time was around 8,300 megawatts in the Central American region. We have lost 30% of the electrical power load,” the EOR director, René González, told reporters.


When discussing the volcano bitcoin mining experiment with Peter McCormack, Bukele emphasized that the project will be costly. “It’s going to cost $480 million, so that’s going to be a legacy for the country because we are building infrastructure paid by bitcoin,” Bukele said in his interview. Alongside this, demand for electricity in El Salvador is expected to grow annually at a rate of 5% year-over-year.


What do you think about the ‘first steps’ volcano-powered bitcoin mine video shared by Salvadoran president Nayib Bukele? Let us know what you think about this subject in the comments section below.



Origina post from
http://motleybloggers.com/salvadoran-president-shares-video-of-volcano-powered-bitcoin-mining-facility/

Comments

Post a Comment

Popular posts from this blog

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a
Post a Comment
Read more

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis
Post a Comment
Read more

Idaho Warns of Crypto Scams Promising 80% Returns Every 24 Hours

https://motleybloggers.com/wp-content/uploads/2022/05/idaho-warns-of-crypto-scams-promising-80-returns-every-24-hours.jpg The finance department of the U.S. state of Idaho has warned investors of a series of cryptocurrency scams promising returns as high as 80% every 24 hours with no risks to investors. Crypto Scams Promising High Returns The Idaho Department of Finance announced Wednesday “a series of fraudulent cryptocurrency schemes seen recently targeting Idaho investors.” The regulator detailed: The companies purport to provide high returns with no risks to the investor. These fraudulent schemes are operating under the names and websites of Crypto FX Direct, Shield Investors Ltd., Quartz FX Trade, and Finvest Trading. At the time of writing, some of the schemes’ websites are already offline. The regulator added: These websites make outrageous, demonstrably false statements and claims such as guaranteed returns on investment as high as 65% – 80% every 24 hours. To begin investing w
Post a Comment
Read more