Guatemalan Town Cleans Local Lake Using Bitcoin Miners

A circular Bitcoin economy in Guatemala known as “Bitcoin Lake”, uses Bitcoin ASICs to clean nearby Lake Atitlan and generate income for the local community.

Patrick Melder, founder of Bitcoin Lake, explained that the “Kaboom” mining project uses used cooking oil rather than polluting the environment to mine Bitcoin.

How can mining help the environment?

Melder explained to Bitcoin Magazine that the project was a continuation of previous attempts to clean the lake, which were both expensive and unsuccessful.

He said that a major effort to clean up the lake, which cost upwards of $300million over the past five years, failed due to its complexity and the inability of large stakeholders to agree on a solution.

Bitcoin Lake, on the other hand, took a bottom up approach to environmental sustainability. This involves the repurposing of used cooking oil in order to mine Bitcoin. Otherwise, it would have been thrown away or disposed of in the landfill above Lake Atitlan.

Melder stated, “Either it would find its route into the watershed or into the lake.” By contrast. Despite the fact that the mining process produces carbon dioxide, it reduces the lake’s contamination.

Bitcoin Lake shared an earlier video showing the project in action. The founder kept several containers of cooking oil, ASICs and a laptop that tracked the generated hashes under one tent. The generator and ASICs, both old models, have been given a second life thanks to the “nearly unlimited energy” offered by seed oils.

As they see the potential to clean up the environment economically and profitably, the founder hopes to spread the word about the project in the surrounding communities.

Regulators in the United States are still concerned about Bitcoin Mining’s impact on the environment. Multiple reports have shown that there are ways it can heal the environment. For example, by burning excess natural gas.

Bitcoin adoption is spreading

Melder’s larger “Bitcoin Lake”, project, of which “Kaboom is a part, has three goals: to clean the lake, educate the community about Bitcoin and create a circular Bitcoin economy. This includes spreading Bitcoin’s adoption in the form of a store of worth, medium of exchange and unit of account.

“A circular, virtuous #Bitcoin economy uses every form of energy wasted to mine BTC and secure its network. Bitcoin Lake tweeted the following on September 12th: “Redistributing income back into the community is part of this process.”

Inspired by El Salvador’s Bitcoin Beach where many Bitcoin-friendly initiatives have taken root, the project was born. Bitcoin Lake, however, did not receive any donations or large endowments to help it get started, like the Salvadoran model. However, mining is helping Bitcoin to enter the economy.

The local education center has already been equipped with Bitcoin-related materials. Children in the area have been learning fundamental concepts like ‘what’s inflation’ and ‘what’s money’ since January. These are ideas that many believe Wall Street traders struggle to understand.

There are also educational meetings for adults, business leaders, and members of indigenous communities. The initiative is designed to encourage natural adoption through education and not coercion, which can catch businesses off guard.

Many protested the Bitcoin Law’s implementation in El Salvador last year. It contained a clause that required businesses to accept Bitcoin. Later, President Bukele clarified that this detail was only applicable to large corporations.

Melder stated that since January this year, we have been able to onboard over 60 businesses around Panajachel and more than 200 in Guatemala.

CryptoPotato’s first post, Guatemalan Town Cleans Local Lake with Bitcoin Miners, appeared first on CryptoPotato.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami