Mining Bitcoin With used Cooking Oil???
Sounds crazy but they’re doing just that at “Bitcoin Lake” in Guatemala:
VISIT THE GUATEMALAN LAKE TOWN MINING BITCOIN WITH USED COOKING OIL
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.
Bitcoin Lake took a different approach by starting small with the repurposing of used cooking oil to power bitcoin mining ASICs.
“This cooking oil would either be thrown out into the street or find its way to the landfill which sits several hundred feet above Lake Atitlán,” Melder explained. “Either way, it would find its way into the watershed and into the lake.”