Autor Cointelegraph By Joseph Hall

Why is a Guatemalan Mayor mining Bitcoin? Tackling FUD with biogas and BTC

The Bitcoin (BTC) community is at it again, dismantling FUD and orange-pilling officials in far-flung destinations. At the foot of Lake Atitlán, a bucolic yet impoverished region of Guatemala, a Bitcoin project has managed to get a miner into the hands of the local mayor. The process has boosted local incomes while also improving the air quality.In Panajachel, Guatemala a community of almost 20,000 people is coming around to Bitcoin after the local mayor, Cesar Piedrasanta was gifted an old S9 Bitcoin miner. It’s the first municipality in Central or South America to mine BTC. Bill Whittaker and Patrick Melder presenting the Mayor with a miner. Source: Medium67corvetteWhile this is exceptional in itself, there are two important consequences. Firstly, mining with a “5-year old” miner helps to “address the electronic waste (or ‘e-waste’) narrative associated with bitcoin mining,” Bill Whittaker, part of the Bitcoin Lake team, told Cointelegraph. E-waste refers to the replacement of physical mining infrastructure with newer, more efficient models. A New York moratorium on mining recently addressed the reported issue recently, and a report by Science Direct claims that one Bitcoin transaction produces 272 grams of e-waste due to mostly old mining equipment. However, the Guatemala Mayor is managing just fine with his old S9.Secondly, with the proceeds from the Bitcoin miner, the team hopes to resolve issues affecting the wastewater treatment plant. The wastewater treatment plant where the first two s17s miners will be plugged in. Source: TwitterThe waste treatment plant (WWTP) is a heavy polluter “due to cracked seals located on top of the plant’s digester, there is not enough pressure to flare the plant’s methane emissions.” As a result, the unpleasant and smelly pollutants are contaminating the air.Whittaker and the team intend to repair the WWTP, then capture the biogas that used to leak to be used as a power source for energy generation. It’s a win-win-win:  cleaner air, renewable energy, more Bitcoin.3/ – Re-flaring of the WWTP’s methane byproduct will not only improve air quality, but will allow for a controlled capture and analysis of the plant’s biogas production.- Use Panajachel’s WWTPs biogas to produce electricity and power additional Bitcoin miners. pic.twitter.com/CV9CWF6LYW— WildBTC (@BillWhittaker11) March 28, 2022Whittaker expounds, “poorer countries/municipalities do not have the resources to generate expensive fossil-fuel electricity, but they do generate plenty of methane-producing waste.” This waste can not only mine Bitcoin but consequently generate a monetary return for the local people:“The goal of this proof-of-concept is to capture the wasted fuel and convert the biogas into electricity/bitcoin.”Biogas as a power source for Bitcoin mining is growing in popularity: a Slovakian Bitcoin miner puts the waste to work, while the Guatemalan project is only just flexing its muscles.Whittaker is keen to highlight the “real stars of the show” involved in the project: two high school seniors called Madaket and Kate. They “came up with the idea of focusing on sustainable bitcoin mining for their high school senior project”. Related: Gas heater broke down? I’ll just heat my caravan with a Bitcoin minerIn this Instagram video, they explain how Bitcoin is “the future currency.” It’s clear the girls are determined to undermine the negative misconceptions associated with Bitcoin and Bitcoin mining. Whittaker says “they will present the town of Panajachel two additional ASIC machines (s17+). These machines will be powered up at the waste treatment plant.”Madaket and Kate working on the Bitcoin miner to bring down to Guatemala. Source: TwitterUltimately, capturing cheap wasted energy is the name of the game when it comes to small-scale Bitcoin mining. Even Senator Ted Cruz says Bitcoin miners do well to capture wasted resources and put them to good use.For Whittaker, projects such as mining in Panajachel show just how impactful grassroots movements from the Bitcoin community can be:  “Greenpeace and Chris Larsen spend $5mm on ‘change the code’ FUD, these two girls are self-funding carbon-negative bitcoin mining R&D, while at the same time making the decentralized network stronger and wider.”

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Just 2 million Bitcoin left: Bitcoin hits the 19 million milestone

The 19th millionth Bitcoin (BTC) was mined on Friday, a landmark occasion for the number one cryptocurrency. Nineteen million Bitcoin are now in circulation, with just 2 million Bitcoin yet to be minted (or mined) until roughly the year 2140. In block 730002, mined by SBI Crypto, the 19 millionth Bitcoin entered circulation. SBI Crypto earned ‎6.32 BTC, roughly $293,000 for the trouble in transaction fees and block reward. A momentous occasion, the Bitcoin community was quick to celebrate the milestone event.The 19,000,000th bitcoin was just mined.Only 2 million more bitcoin to go.— Pomp (@APompliano) April 1, 2022The CEO of possibly one of the world’s most ESGfriendly Bitcoin miners, Kjetil Hove Pettersen of Kryptovault, told Cointelegraph “we have only two million Bitcoin—less than 10% of the total—left to mine.” He continued:”This may seem like a small number at first glance, but I believe the best days of mining are still ahead of us.”Bert de Groot, founder of a Bitcoin flower come mining company, Bitcoin Bloem, told Cointelegraph the “19th million Bitcoin being mined today marks a historical moment.” He concluded that it “makes us realize once more how important the work was that Satoshi Nakamoto,” joking that “we wish we could have sent flowers to show our gratitude.”According to Vlad Costea, founder of Bitcoin Takeover, there are “only 2 million BTC left to mine in the next 118 years!” Over the past 13 years since the inception of Bitcoin, miners have uncovered 19 million Bitcoin; the last Bitcoin is expected to be mined in the year 2140.The 18,500,000 millionth Bitcoin was mined in September 2020, as the current issuance rate is 6.25 Bitcoin per block. The next halving, where the issuance rate is cut in half, is scheduled for 2024. Bitcoin halving and issuance rate. Source: BitcoinfoolFor the Bitcoin community, the 19 millionth Bitcoin mined highlights the scarcity of Bitcoin. According to Human Rights Foundation chief strategy officer Alex Gladstein, the scarcity is even more prominent, given how early the world is on the route to adopting Bitcoin:Truly amazing that 19 million of a total of 21 million bitcoin have been issued and globally distributed and yet we are only at the very dawn of nation-state adoption. https://t.co/8MsqbWDapb— Alex Gladstein ⚡ (@gladstein) April 1, 2022

Related: Bitcoin ‘dormant’ for 7+ years moved right before BTC price dropped 5%To date, El Salvador is the only nation-state to adopt Bitcoin as legal tender, now issuing Bitcoin-backed “Volcano Bonds” to raise money. However, several other countries including Brazil showed promising signs of Bitcoin adoption in 2021.With less than 10% of the Bitcoin left to be mined, the most aggressive Bitcoin buyers—such as Do Kwon’s Luna Foundation Guard—face an uphill battle if they want to continue stacking Sats.   

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US grassroots adoption: the Bitcoin Lightning party in Portland

There is “grassroots evidence” that “America is adopting Bitcoin,” according to Clay Graham, founder of Rapaygo and a Bitcoin Lightning Network (LN) enthusiast. At a Bitcoin Lightning festival held in Portland, United States over the weekend, the Bitcoin LN clocked more than $200 (four million Sats) in just three hours.Hailed as “Puddle Town on Lightning Rails,” Portland’s Bitcoin Party was a space where “vendors, food carts, artists all accept Bitcoin.” Graham told Cointelegraph that there was also a “food cart pod” that acted as a “business attraction destination to Bitcoin fans who want a Bitcoin beach type experience.”The “mobile Bitcoin development lab for embedded research and development,”. Source: GrahamFiat money was of course, not allowed, and popular Bitcoiner Dennis Porter MC’d at the festival. In this tweet he showed how easy it is to pay for goods using the LN:I paid ZERO fees to accept #Bitcoin instantly for my shirts. Can Visa do that? pic.twitter.com/34haSgIB6G— Dennis Porter (@Dennis_Porter_) March 28, 2022Graham told Cointelegraph that the event was judged to be a success if “people could spend Bitcoin freely as they would fiat.”  In total there were: “50 people spending over 4M sats in 3 hours, 3 food carts and 7 vendors selling anything they want while even supporting use cases like ‘tipping the DJ’.”Graham concluded that the LN made payments at the party a breeze: it was “easier than cash, all cheaper than cards and having tons of fun on a sunny day.”Dennis Porter MC’ing at the event in front of ‘The Bitcoin Standard’ books and Bitcoin t-shirts. Source: TwitterA near-instant layer-2 payment network built on top of the Bitcoin base chain, the LN is ideal for a party setting. Pubinno, the company behind the Lightning pour a pint tool was built with festivals in mind, while LNBits build open-source payments tools like split payments tools and offline solutions to make payments tech even smoother. The LN tech used at the festival, enabling fast print outs of receipts. Source: TwitterTiago Vasconcelos, cofounder of Aceita Bitcoin and an LNBits FOSS contributor told Cointelegraph: “With the LN the only thing you need is an internet connection! No card swipe hardware, no need for cash, no need for changing currency [even] if the venue is international and with lots of foreign people.”Built on the LN, LNBits’ free open source solutions are closely competing with Visa and Mastercard. Vasconcelos adds that the “network fees are near to zero, or even zero, and ultimately are paid by the customer, not the merchant!” Plus, “using LN reduces the costs, and risks, of using Visa or Mastercard.”Ultimately, some Bitcoiners are even keen for scammers to learn about the LN, and for Graham:“The LN is so fast and transactions can clear as fast as faster than cards so both the buyer and seller don’t feel that ‘where has my money gone’ feeling when they are just trying to have fun on a sunny day.”Snacks and trinkets featuring LN QR codes at the festival. Source: GrahamRelated: Shitcoins are ‘garbage’: Bitcoin-only brokers on freedom and financePlus, it’s a payment network that supports “artists, people who made stuff with their own hands and small businesses.” And there’s more of a local connection to money–and more sovereignty–because for the Portland Bitcoin Party, “the nodes that routed payments for the LN are mostly made liquid in Portland.” Following Portland’s success, Graham added that “Kansas city has already reached out on how to boilerplate this party,” using his company’s solutions. “Remember that within a year of Bitcoin beach el Salvador announced legal tender. Now we can have Bitcoin beach in every town.”

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Terra smash buys $139M Bitcoin, wallet reaches 31,000 BTC

Watch out Michael Saylor! Do Kwon, the CEO of Terraform Labs is hot on the Microstrategy CEO’s heels. The Terra wallet has now amassed almost $1.5 billion in Bitcoin (BTC) following another huge BTC purchase. The wallet address thought to belong to Terra (while not officially confirmed) received another 2943.00002511 Bitcoin ($139 million) on Wednesday. Wallet alert accounts on Twitter have been tracking the wallet.The wallet began amassing colossal amounts of Bitcoin on Jan. 21 and has not sold a single Satoshi.Terra Bitcoin wallet gradually then suddenly amassing billions in BTC. Source: bitinfochartsAccording to the chart, while the wallet first injected almost 10k Bitcoin on 21st Jan, the wallet began stacking sats in earnest on March 22nd. The timing coincides with announcements from the CEO, who stated that “$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard.”TerraUSD (UST), an algorithmic stablecoin, would be pegged to the value of the United States dollar, and the value of these ‘dollars’ will be backed by Bitcoin reserves. Terra’s token Terra (LUNA) will also play a role in the creation of the stablecoin.As a result, Do Kwon has been stacking sats harder and faster than even the biggest Bitcoin bulls. According to BitcoinTreasuries, Terraform Labs will soon sidestep Tesla as the second-largest holder of Bitcoin–with Microstrategy in its sights. Current state of publicly traded companies with Bitcoin treasuries. Terra will soon rival Tesla. Source: Bitcointreasuries.etRelated: MicroStrategy subsidiary will purchase Bitcoin after closing $205M crypto-collateralized loanUltimately, Do Kwon’s aim –as he says in the following video– is to ensure his Bitcoin coffers rival that of Satoshi Nakomoto, the anonymous creator of Bitcoin. Just getting started pic.twitter.com/dJrkf6YfrR— TerraLunaaaa (@TerraLunaaaa) March 30, 2022Meanwhile, with lackluster price action over the past 72 hours, it would appear that Terra’s buys are propping up the Bitcoin market, while LUNA is hitting new highs.

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The Bitcoin shitcoin machine: Mining BTC with biogas

Next time someone tries to poo-poo the renewable credentials of Bitcoin (BTC) mining, remember AmityAge Mining Farm. Founded by Gabriel Kozak and Dušan Matuska, the Bitcoin mining facility uses human and animal waste to generate electricity for mining.Matuska, the man “who met Satoshi Nakomoto”, told Cointelegraph that “methane from biodegradation processes runs our machines.” As human and animal waste isn’t running out any time soon, their BTC mining process is both environmentally friendly and renewable. Matuska and his colleague rigging up the Bitcoin miners in the plant. Source: Dušan MatuskaAccording to Matuska, using renewable energies such as biogas “shows that we can really accelerate the adoption of these renewables and make their return on investment higher in the end,” while also being a cheap source of energy. An ecologically sound and low-cost way of generating electricity, biogas electricity plants convert waste into methane gas due to a fermentation process. The gas is then burned as fuel. A steaming hot delivery of unmined Bitcoin, ready for energy transfer. Source: Matuska Matt Lohstroh, Co-founder of Giga Energy, a natural gas Bitcoin miner in Texas, told Cointelegraph that “finding cheap energy [for Bitcoin mining] quickly is the largest issue. All the low-hanging fruit is being plucked away.” Matuska added that “the situation with energy in Europe changed dramatically in November with a huge price increasing together with a conflict around the corner.” As Lohstroh alludes, turning a profit with Bitcoin mining can be tricky, which keeps Matuska both “busy and worried.”However, an eternal optimist, Matuska also told Cointelegraph:“The most exciting part [about Bitcoin mining] is knowing that we are like ‘Bitcoin security guys,’ helping just a little with our hashrate. We are still helping to protect the network.”Matuska adds that the overall environmental “footprint is pretty low” for their plant and that one of the excesses is “mostly excessive heat.”Matuska a “Bitcoin Security Guy” in front of the biogas facility. Source: MatuskaIf he is looking for ideas for the excessive heat, look no further than the creative Bitcoin mining community which uses Bitcoin mining heat to warm campervans, grow flowers in the Netherlands and dry out timber from logging in Norway. Matuska “definitely” recommends that more and more curious Bitcoiners get into Bitcoin mining: “You can gain a lot of useful knowledge while setting up your first miner. No need to earn a lot but the experience is worth a fortune.”Related: ‘How I met Satoshi’: The mission to teach 100M people about Bitcoin by 2030For those interested in getting into Bitcoin mining at home, while the process used to be complicated and costly, solo mining is making a come back. Compass Mining, the pioneers of Bitcoin mining at home, launched direct-to-consumer hardware sales in late 2021. The CEO of Compass, Whit Gibbs, told Cointelegraph that Bitcoin miners are some of the biggest Bitcoin bills. He illustrates the point, “you could buy $10,000 worth of bitcoin or you can buy an ASIC (Bitcoin mining machine),” knowing full well that it should return the initial investment over a “12 to 14-month” period. He concludes:“You have to be bullish on Bitcoin to believe that you’re going to see that return in a timely manner as opposed to just buying that amount of Bitcoin outright.”

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