As I write this, the value of a Bitcoin is around $900 USD. Its value was as high as $2,900 in December 2017 and was as low as $700 in July 2018, with a surge and fluctuation around a year average of around $1200. I think that is likely to change soon. People who are asking for an answer as to why the price of a Bitcoin is so volatile should be aware that the cryptocurrency community is on the cusp of a huge technological breakthrough that will see thousands of new coins being mined in a matter of weeks.
A new idea for mining bitcoin from a volcano in El Salvador could soon become a reality. The idea is to mine bitcoins using a series of geothermal energy-powered turbines that would turn the energy of a volcano into electricity, according to Andreas Antonopoulos, who is the author of Mastering Bitcoin.
We’ve talked about Bitcoin mining on our site before, but when you go to Google, and search for “Bitcoin mining”, you get a bunch of hits that talk about Bitcoin mining. A lot of the articles talk about China and the cheap electricity there, and how mining companies are opening up shop there. We wanted to know a little bit more about how it’s all going down, so we went to El Salvador.. Read more about is bitcoin legal in el salvador and let us know what you think.A geothermal well dug next to a volcano will power bitcoin mining in El Salvador, the country’s president said in a tweet last night. I have just directed the chairman of @LaGeoSV (our state-owned geothermal company) to come up with a plan to provide bitcoin mining opportunities with very cheap, 100% clean, 100% renewable and emission-free energy from our volcanoes, said President Nayib Bukele. In his next tweet, he added: Our engineers have just informed me that they have drilled a new well that will provide about 95 MW (energy). …. We are starting to design an entire bitcoin mining center around it. Our engineers have just informed me that they have drilled a new well that will provide approximately 95 MW of 100% net geothermal energy from our volcanoes, with no emissions. We are starting to develop a full-fledged #bitcoin mining center. What you see coming out of the well is pure water vapor pic.twitter.com/SVph4BEW1L – Nayib Bukele (@nayibbukele) June 9, 2021 Proof-of-work cryptocurrency mining uses a huge computer system that performs millions of complex calculations every second to validate transactions on the Bitcoin network. This requires an enormous amount of energy for maintenance, cooling and operation of the machines. But some argue that coal as an energy source and fossil fuel producers leave a large carbon footprint and seem to do little good for the world.
Renewable energy sources have emerged as a solution to this problem. Windmills, solar farms, hydroelectric plants and now volcanoes are all already being used or will soon be used to mine cryptocurrencies like bitcoin. This approach mitigates many of the problems associated with mining and helps address energy issues in a world that prefers greener, cleaner sources of energy and human activity. Until then, however, doubts remain. Yesterday’s speech by US Senator Elizabeth Warren is the latest example of criticism of the mining industry by a female politician. Bitcoin requires so much computing power that it consumes more energy than entire countries. One of the simplest and least disruptive things we can do to combat the #ClimateCrisis is to limit the use of environmentally wasteful cryptocurrencies, she said. Bitcoin requires so much computing power that it consumes more energy than entire countries. One of the simplest and least destructive things we can do to combat the #ClimateCrisis is to limit the use of cryptocurrencies, which are a waste to the environment pic.twitter.com/theGr1bjuq – Elizabeth Warren (@SenWarren) June 9, 2021 But some, like Ari Paul, founder of BlockTower, were quick to respond: Social media consumes more energy than bitcoin. You could do more for climate change if you didn’t tweet. Volcanic mining can’t come soon enough.
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If you’re looking to buy Bitcoin with cash, you can get your hands on it pretty easy in Central America. It’s relatively cheap to buy the cryptocurrency as long as you don’t go too deep into the underworld, but that can be a bit difficult in El Salvador. But thanks to the Volcano Bitcoin Project, the crypto-crazed country is now home to the world’s first Bitcoin mining plant. I don’t know about you, but I’m pretty excited to try it out.. Read more about el zonte bitcoin and let us know what you think.
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