Satoshi Island is a 32 million square foot private island in Vanuatu in the south Pacific. This private island is set to become a crypto investor’s paradise after the Prime Minister of Vanuatu has agreed to allow the island to become the world’s first island that uses solely cryptocurrencies.
This island, named after Bitcoin’s founder Satoshi Nakamoto, is owned by Satoshi Island Holdings Limited and has been in development as a crypto island since 2017.
Finally, on March 16, 2022, Vanuatu’s Prime Minister gave the official go-ahead for the further development and completion of the island, welcoming the idea as well as the community as a whole.
The official letter from Prime Minister, Bob Loughman to Denys Troyak, Head Of Operations for Satoshi Island can be found below.
The Official Letter
Dear Mr. Troyak,
I am pleased to be writing this letter of support for the Satoshi Island community project.
This letter of support as Prime Minister of the Republic of Vanuatu further endorses the letter of support from my Minister of Finance and Economic Management dated July 8th, 2021.
The proposal for the development of a state-of-the-art sustainable smart city to be built in Vanuatu is an exciting prospect, and we look forward to the opportunities it will bring to the local people and businesses.
As a developing nation, Vanuatu is looking for new ways to attract investment and people to our country. With the difficulties that the world has faced with COVID-19, which has severely affected the tourism sector, Vanuatu looks for innovative solutions to help grow our economy.
I have engaged with the Satoshi Island team and have been given assurances that they now, and always, will abide by the laws of Vanuatu. With this assurance in place, the Government of Vanuatu welcomes the Satoshi Island project and its community to our country.
We look forward to watching the development of Satoshi Island unfold and inviting your community to their new home.
Hon Bob Loughman
What We Know
While we are all waiting on further information, this is everything we know so far about this exciting development.
- The new homes for the island are currently under construction and will be ready for 2023
- Anyone can gain permanent citizenship for the island at a cost of $130,000 which must be paid in the form of NFTs
- Right now, it’s estimated that 50,000 people, assumed crypto investors, have applied for residency
- All financial transactions on the island will be done in cryptocurrencies, no fiat currency will be accepted anywhere
- Satoshi Island is a place for crypto investors to experience crypto only
- It’s believed that the island will be able to take 21,000 new residents once all the housing is completed
- Homes will be sold outright, meaning buyers must pay for the home upfront with no loan of any kind involved
Why Joining a Mining Pool Is the Answer for Miners
Before you can spend crypto, you need to own crypto. The best way to do so is by joining a mining pool, but what does this entail?
A mining pool is a group of people who collectively agree to pool their resources and share the profits.
For example, have you ever split the cost of a bunch of lottery tickets with work colleagues or friends with the agreement that if one of the tickets wins you all share the prize? While you might have to share the prize, there is more chance of you winning in the first place. After all, it’s far better to share $1 million, than it is to keep 100% of nothing.
Well, a mining pool works in the same way. The group of miners will collectively use their resources to create more mining power. The more mining power you have, the higher the chance is that you will generate a block on the blockchain and therefore, receive the reward.
One of the best parts of joining a mining pool is that you don’t have to match other investors. The reward is divided relative to how much power each member contributed. This means you don’t have to be stinking rich or own a ton of resources in the first place. You simply take out proportional to what you put in.
You should also bear in mind that the mining pool will have an owner who will, rightfully, charge each member a fee for joining. The amount will vary from owner to owner, but it’s unlikely to ever be an unaffordable amount since the owner also benefits from having as many members as possible.
Join Mining Syndicate and Work with the Professionals
If you would like any more information about starting or expanding your Bitcoin horizon; reach out to us at Mining Syndicate. Our mission is simple: Strengthen the Bitcoin network by enabling small-scale miners to affordably purchase and reliably host miners.
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