What kind of schedule do we live in? Perhaps one of the most interesting. El Salvador’s president wants to use volcanoes to mine bitcoin. He wants to use underground wells for this.
volcanic energy of bitcoin
President Neb Bukele Zee:
“I have just instructed the head of the state geothermal company to draft a plan to supply Bitcoin mining facilities with very cheap, 100% clean, 100% renewable and zero-emission energy from our volcanoes.”
But he’s not finished yet: “Our engineers just told me that they’ve drilled a new well, which will provide about 95 megawatts (of energy)…We have started designing an entire bitcoin mining center around it.”
Our engineers just informed me that they have drilled a new well, which will provide approximately 95MW of 100% clean energy, 0 geothermal emissions from our volcanoes 🌋
Start designing a file # bitcoin Mining center around.
What you see coming out of the well is pure water vapor pic.twitter.com/SVph4BEW1L
– Nayib Bukele 🇸🇻 (nayibbukele) June 9, 2021a
It requires a lot of energy
Cryptocurrency mining with Proof of Work, Bitcoin is by far the most popular, and requires very little. In the case of bitcoin, it involves a massive, decentralized global computer system that solves millions of complex calculations every second to validate transactions on the bitcoin network.
This requires large amounts of energy to maintain, cool and operate machinery. In itself it is not wrong for something to consume a lot of energy, it depends entirely on what you find important. The truth is that many critics are not happy with the ecological footprint of bitcoin mining. This is not entirely unjustified, many miners still use a source based on coal and fossil fuels.
Bitcoin miners know that bitcoin suffers from the image of being harmful to the environment. But this picture leaves no room for nuances. Many miners are converting or have already switched to renewable energy sources. This is not just about the image, of course, but mainly because it makes more financial sense. Renewable energy is cheap in some places in the world.
Wind farms, solar power plants, hydroelectric generators, and now volcanoes are all in use or soon to be used for bitcoin mining.
FUD is ignorance
But not everyone knows that or wants to know. As a result, any nuance is missing in the discussion about the energy consumption of bitcoin.
Until the world is ready for nuance, FUD cannot be ruled out. Example: yesterday US Senator Elizabeth Warren Still low on bitcoin miners.
Volcanic mining can’t come soon enough.