Guatemala Town Mining Bitcoin With Used Oil – Bitcoin Magazine

A circular bitcoin economy in Guatemala is using resources that would otherwise be wasted to fuel a local bitcoin mining operation, giving its resident financial autonomy and demonstrating a viable economic path outside of the government-controlled economy.

Patrick Melder, MD, founder of the circular economy coined “Bitcoin Lake,” told Bitcoin Magazine that its “Kaboom” bitcoin mining project is the result of a desire to help clean nearby Lake Atitlán while providing a source of continuous income to the community.

“We don’t have any major endowment or donations to do what we are doing,” he said, underscoring a stark difference with El Salvador’s Bitcoin Beach, which was established in part thanks to a donation. “Bitcoin mining was a way to get bitcoin flowing into the community.”

Many attempts to clean the lake had been made before this project, most of which suffered from a flaw of trying to solve everything at once. According to Melder, an overhaul approach increases complexity and ends up reducing the likelihood of completion.

“Within the past five years, a major effort to clean the lake costing upwards of $300 million failed because it was so complex with so many large stakeholders who couldn’t agree on a solution,” he added.

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