El Salvador Mining Bitcoin By Energy Generated By Volcano

HIGHLIGHTS

  • In a first for the country, El Salvador has mined 0.00599179 bitcoin, or around $269, using power derived from a volcano.
  • Bukele said in a tweet on Friday that the mining operation is still in the early stages, and that they are “testing and installing” new mining equipment.

With the help of a volcano, El Salvador has mined 0.00599179 bitcoin, or around $269.

President Nayib Bukele, who has staked his political future on a statewide bitcoin experiment, announced the country’s first foray into volcano-powered bitcoin mining on Friday morning.

Anchor & Deputy editor Nigel D’Souza tweeted and praised El Salvador for a more economic and efficient way of mining Bitcoin.

Trump published a stunning 25-second teaser clip on Tuesday that depicts a government-branded freight container full of bitcoin mining rigs, technicians installing and plugging in ASIC miners, and sweeping landscape aerials of an energy factory in the middle of a forest near a volcano.

“First steps…” is the title of the video, which has gained over 2.3 million views since its publication.

If the Central American country is minting new coins, it means Bukele has followed through on a promise he made in June, when he said he had instructed LaGeo SA de CV, the state-owned geothermal electric company, to “put up a plan to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”

Bukele said in a tweet on Friday that the mining operation is still in the early stages, and that they are “testing and installing” new mining equipment.

Bitcoin mining using volcanoes has been around for a while. “It’s just geothermal energy,” remarked Alejandro de la Torre, a bitcoin miner who just relocated from China to Texas.

“Iceland has been doing it since the very beginning of bitcoin mining,” says the author. El Salvador is known as the “Land of the Volcanoes,” and according to government data, geothermal energy already accounts for nearly a fourth of the country’s domestic energy production.

El Salvador’s move is also good news for the bigger discussion about bitcoin’s carbon footprint.

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