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[AudraMiller]

El Salvador was very open with its mining rig activities and the idea of having it run by a volcano in the country was a very good idea in order to try and promote the operation of mining rigs in a green way, lowering the potential environmental damage that is caused by cryptocurrency. However, this may not be as simple as it seems. According to some peopel and analysts, they are sceptical about his mining facility being in this country, which is already having social challenges, and is known as being one of the poorer countries. In fact, they say that the huge energy demand and the fact had a mining rig like this does not help socially in terms of employment opportunities, is not being beneficial to the country in the currency times. What are your thoughts on this and will this change the stance of El Salvador on bitcoin if they continue to receive criticism like this?

 

[crypworld]

Initially, there would be many criticism, social challenges, etc.... until things start working out....

Crypto market maybe down right now, eventually it would pick up and all these criticism would cease.

 

[Wisdom01]

I think they could do it since the president have been putting things in action than just words, the volcano mining they are creating could help generate more revenue for the government to provide more jobs, to me I see no issue in their plan

 

[Yugocean]

Development always need expenditure first.
That criticism is more likely to be influenced by opponent and US (for fear of losing monetary control).
El Salvador has just started, result will take time.

 

[Josemendez]

El Salvador was very open with its mining rig activities and the idea of having it run by a volcano in the country was a very good idea in order to try and promote the operation of mining rigs in a green way, lowering the potential environmental damage that is caused by cryptocurrency. However, this may not be as simple as it seems. According to some peopel and analysts, they are sceptical about his mining facility being in this country, which is already having social challenges, and is known as being one of the poorer countries. In fact, they say that the huge energy demand and the fact had a mining rig like this does not help socially in terms of employment opportunities, is not being beneficial to the country in the currency times. What are your thoughts on this and will this change the stance of El Salvador on bitcoin if they continue to receive criticism like this?

It feels odd to say that the mining rig won't offer employment opportunity, because the mining company will need workers , the government through taxation can provide job for people .

 

[AudraMiller]

It feels odd to say that the mining rig won't offer employment opportunity, because the mining company will need workers , the government through taxation can provide job for people .

Because this is cryptocurrency mining there is no workers that are needed to operate the machinery because it is purely an online mining facility therefore minimum man power is required.

 

[CryptoStar19]

This is all new to them and there will be many challenges, they will improve different aspects of their crypto participation in time ---it takes many step-wise solutions and time to do what El Salvador is trying to do from scratch.

 

[Josemendez]

Because this is cryptocurrency mining there is no workers that are needed to operate the machinery because it is purely an online mining facility therefore minimum man power is required.

Like I said from the second aspect , the money gotten by taxing the mining Companies will be use to create opportunity for the citizens.

 

[Yugocean]

This is all new to them and there will be many challenges, they will improve different aspects of their crypto participation in time ---it takes many step-wise solutions and time to do what El Salvador is trying to do from scratch.

Every plant starts from seed, El-Salvador accepted Bitcoin at a time when World is still thinking about "What to do" with cryptocurrencies. But Salvador's Bitcoin law accepts only Bitcoin, and it is developing areas for mining energy.

 

[Josemendez]

Every plant starts from seed, El-Salvador accepted Bitcoin at a time when World is still thinking about "What to do" with cryptocurrencies. But Salvador's Bitcoin law accepts only Bitcoin, and it is developing areas for mining energy.

Indeed , to an extent I think El Salvador made this decision too early. They should not expect a smooth run in the market.

 

[AudraMiller]

Every plant starts from seed, El-Salvador accepted Bitcoin at a time when World is still thinking about "What to do" with cryptocurrencies. But Salvador's Bitcoin law accepts only Bitcoin, and it is developing areas for mining energy.

Whilst it is specific to bitcoin i think that this law will open the avenue for other cryptocurrency within the country as well and soon it will show in their economy, especially if they are able to make provisions for coins such as Ethereum as well.

 

[Yugocean]

Whilst it is specific to bitcoin i think that this law will open the avenue for other cryptocurrency within the country as well and soon it will show in their economy, especially if they are able to make provisions for coins such as Ethereum as well.

As per some claims, El Salvador is still not going to open its door for Altcoins, but also have plan to start its own stable coin Colon Dollar.

 

[CyberPreNurse]

It is expected that they are going to face challenges at the early stage of this mining activities, but I believe the concern of the citizens about it not creating any job opportunities for them should be considered too.

 

[Yugocean]

Bitcoin is going to bring many opportunities now, even during challenge El Salvador government is planning to restart its defunct currency in digital way as a stablecoin to USD.

 

[LutherKing]

They are doing everything but I'm sure they are going to disrupt their economy pretty soon they don't have that much resources to keep track of the activities that will start hapoening in the back

 

[07Trinity]

El Salvador was very open with its mining rig activities and the idea of having it run by a volcano in the country was a very good idea in order to try and promote the operation of mining rigs in a green way, lowering the potential environmental damage that is caused by cryptocurrency. However, this may not be as simple as it seems. According to some peopel and analysts, they are sceptical about his mining facility being in this country, which is already having social challenges, and is known as being one of the poorer countries. In fact, they say that the huge energy demand and the fact had a mining rig like this does not help socially in terms of employment opportunities, is not being beneficial to the country in the currency times. What are your thoughts on this and will this change the stance of El Salvador on bitcoin if they continue to receive criticism like this?

I won't come into conclusion not yet, starting something like this may look less productive but as time goes on the benefits will begin to show off,it's just a matter big time.

 

[AudraMiller]

I won't come into conclusion not yet, starting something like this may look less productive but as time goes on the benefits will begin to show off,it's just a matter big time.

I think that for mining rigs it takes a while to break even and make enough bitcoin in order to pay off the equipment however from after that point you are likely to see only profits.

 

[Mariappa45]

I believe it's looking promising now for them since they've adopted BTC full-time. It's gradual process for them, profit will come by, but they have to keep pushing the mining rig to reach the expected height.

 

[Brain]

It might not be promising now but would be in future. Since they are just starting out maybe taking out time to do is right might just bring the needed change that will help with this

 

[AudraMiller]

It might not be promising now but would be in future. Since they are just starting out maybe taking out time to do is right might just bring the needed change that will help with this

Most of these sort of developments are not successful from the onset and it does take some time to work out all of the tweaks in order to create a profitable and successful venture.