Depending on tank setup, filtration efficiency, plant types/density and ratio of soil used, it can take anywhere between 4-6 weeks for the tank to complete cycling.
The overall cycle can be accelerated if you use seasoned bio-media from an established tank to seed the new filter.
ADA Amazonia aquasoil is designed to release alot of ammonia and nutrients to boost plant growth during tank start up, therefore its best to take advantage of all those nutrients to grow out your plants, otherwise its abit of a waste to pour out all the nutrient-rich water.
Though if you are running a shrimp-only tank with few or no plants and you are only using the soil for its pH buffering abilities, then you'll just have to keep doing more large water changes to flush out all the released ammonia and nutrients.
Yes, pH is affected by Co2... Co2 will make the water more acidic and lower the pH. The indicator solution in a drop checker is actually a form of pH measurement, it measures the Co2 content in a tank based on the KH vs PH relationship.
You can read more about it in this link: http://www.littlegreencorner.com/tipsdropchecker.html
Btw, did you mix aquarium water with the Co2 indicator solution? Because it should only be mixed with 4dKH water or else the measurements will be inaccurate. The alternative is to use pre-mixed indicator solution, those can use directly without mixing.
Bookmarks