El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
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Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#2Two questions:
- will those moves make the country a good location for laundering bitcoins?
- generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#3Does a volcano have to be active to generate electricity from it or is heat sufficient?
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#4Remittances, things like wire transfers, account for 22% of their GDP.
Bitcoin will give that money back to the people with the way lower cost of transfers, esp through the Lightning Network that is planned to be widely used.
Elizabeth Stark boldly said 7 yrs ago and Bitcoin is like TCP and needs an http, and then built Lightning on top of Bitcoin and this is super exciting to see.
EDIT: removed “fees”, it’s just remittance based
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#5Every day, this is getting more and more ridiculous.
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#6Two questions: - will those moves make the country a good location for laundering bitcoins? - generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
https://www.google.com/amp/s/www.nytimes.com/2021/06/09/tech...
Nah. Bitcoin is actually a lot easier to trace than paper US Dollars.
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#7Two questions: - will those moves make the country a good location for laundering bitcoins? - generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
- given the economies of scale, im guessing that the major 1st world countries will continue to be the most prolific in terms of bitcoin laundering
- of course there are other ways, but given the return on kW/h, what's the _most_ profitable?
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#8Two questions: - will those moves make the country a good location for laundering bitcoins? - generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
> generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
Making hydrogen, smelting aluminium, de-salinating water. But bitcoin can be transferred over internet, so the logistics is easier.
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#9Two questions: - will those moves make the country a good location for laundering bitcoins? - generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
> other way
Undoubtedly there is, e.g. steel making - with the attendant logistical challenges. But few ways to fairly directly convert electricity into money.
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#10Two questions: - will those moves make the country a good location for laundering bitcoins? - generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
In the case of laundering Bitcoin— this seems to be a majorly misunderstood concept. Bitcoin transactions are completely transparent and observable by everyone who has an internet connection. Anyone (with an internet connection) can watch any wallet and observe any and all transactions. The notion of a country being a "good location for laundering bitcoins" doesn't really make sense, as Bitcoin are never in a location.
In terms of profiting from surplus electricity, Bitcoin (or cryptocurrency mining in general) is a great option as it's exceptionally simple to scale up and down in accordance with available cheap surplus. One major benefit that miners are taking advantage of is locating in close proximity to energy stations, reducing the inefficiency of transporting electrical energy over distance. This turns effectively "wasted" energy in to a solidly efficient energy store for infinite amount of time— for example: 1 BTC will always be equal to 1/21000000 of the total supply.