- El Salvador’s President Nayib Bukele has announced that the country has begun to tap into the volcanic energy of bitcoin mining.
- El Salvador has implemented measures to enhance and adopt Bitcoin infrastructure.
- Although geothermal mining (such as volcanoes) is described as clean Bitcoin mining, this activity still has many critics.
Share this article
Bitcoin mining efforts are increasing in El Salvador, as the Central American country has successfully mined bitcoin using the geothermal energy of a volcano.
El Salvador Mines Clean Bitcoin Using Volcanic Energy
The volcanoes of El Salvador have joined the crypto boom.
President of the Central American country Neb Bokil tweeted “We are still testing and proving, but this is officially the first #bitcoin mining from #Volcanode,” he wrote. The update comes just three days after Bukele Post a video What appears to be a mining center in a remote location, adg that the state was taking its “first steps”.
There is up to 20 Active volcanoes in El Salvador, geothermal energy is formed about 21% To generate electricity in El Salvador. The nation has The highest level of geothermal energy production in Central America.
In June, El Salvador Legislative Council approved Bukele’s proposal to adopt Bitcoin as legal tender. Then Bukele moved quickly to me LaGeo . Guidance, the state-owned geothermal company, to offer clean volcanic bitcoin mining facilities.
El Salvador’s path to bitcoin adoption has not been smooth. The largest in the country Protests since Bukele became president in 2019 arouse In June after that Bitcoin has been approved as the official currencyAnd there were technical issues with the launch of the Chivo Wallet last month. In addition, the country’s Court of Accounts is set to investigate bitcoin purchases. Proponents of the Bitcoin adoption move have touted its use cases, particularly its usefulness in remittance payments, which constitute Big part of the GDP of El Salvador. The country has one of the highest remittance rates in the world today.
Much of the debate surrounding Bitcoin in recent months has focused on its environmental impact. The crackdown in China and Elon Musk’s announcement that Tesla would stop accepting Bitcoin payments fueled environmental concerns in May, triggering a market-wide crash that saw Bitcoin drop 30% in one day. While China still appears to be taking a hard line against Bitcoin, Musk has announced that Tesla will accept Bitcoin as payments, provided it can be demonstrated that a sufficient portion of the mining comes from renewable sources.
Disclosure: At the time of writing, the author of this feature is holding Bitcoin and many other cryptocurrencies.
El Salvador Bought Another 150 Bitcoin Amid Market Crash
After the crash in the cryptocurrency market, El Salvador bought an additional 150 bitcoins, bringing its total holdings to 700 bitcoins. El Salvador Accumulates Bitcoin Dip El Salvador …
El Salvador Court to Investigate Government Bitcoin Purchases
The government of El Salvador will be investigated over the Bitcoin offering following a complaint by the human rights organization to the country’s Court of Accounts. El Salvador faces a Bitcoin investigation and…
What is a non-permanent loss and how can you avoid it?
DeFi has given traders and investors new opportunities to earn from their cryptocurrency holdings. One such method is to provide liquidity to automated market makers (AMMs). Instead of holding the assets,…