A circular Bitcoin economy known as "Bitcoin Lake" in Guatemala is using ASICs to clean the local Lake Atitlán while also generating revenue for the community.
Rather than polluting the local environment, Lake Founder Patrick Melder described that the "Kaboom" mining project repurposes used cooking oil to aid mine Bitcoin.
Is Mining Beneficial to the Environment?
According to Melder, the venture is a follow-up to previous attempts at cleaning the lake, which was both costly and unsuccessful.
"Within the last five years, a large effort to clean the lake that cost upwards of $300 million failed as it was complex with so many large stakeholders who couldn't agree on a solution," he added.
On the other hand, Bitcoin Lake approached ecological sustainability from the ground up. It entails reusing used cooking oil to mine that would otherwise be discarded in the street or the landfill above Lake Atitlán.
"In any case, it would eventually make its way into the watershed and into the lake," Melder said. In comparison. While mining emits carbon dioxide, it helps keep the lake clean.
Earlier this month, Bitcoin Lake uploaded a project clip in action. The founder kept a generator, ASICs, and a laptop tracking the hashes produced under one tent. The generator and the ASICs are old, recyclable materials models that have been given a "second life" by the "nearly free energy" seed oils provide.
The founder intends that the initiative will spread to neighboring communities as they acknowledge how easily and profitably they can clean up the environment.
Concerns about mining's environmental impact remain widespread among regulators in the United States. Several reports, however, have outlined ways in which it can aid in ecological healing, such as by flaring excess natural gas.
Melder's larger "Bitcoin Lake" project, of which "Kaboom" is a component, has three objectives: cleaning the lake, educating the public about it, and establishing a circular economy. This includes expanding its use as a value store, exchange medium, and account unit.
The project was inspired by El Salvador's Bitcoin Beach, where numerous Bitcoin-friendly projects have taken root. However, unlike the Salvadoran example, Bitcoin Lake did not begin operations with a large endowment or donations. On the other hand, mining assists in adopting the currency into the economy.
The project has already placed related materials in the local education center. Since January, children in the area have been learning fundamental concepts such as 'what is inflation' and even 'what is money' - ideas that some say traders on Wall Street battle to grasp.
Educational meetings are also for adults, companies, and local indigenous leaders. Overall, the initiative is intended to encourage organic adoption through education instead of coercion that surprises businesses.
Many people in El Salvador were outraged when the Bitcoin Law was implemented last year, which included a requirement that businesses accept the said currency. President Bukele later clarified that the detail applied only to huge companies in practice.
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