El Salvador just started mining bitcoin using energy from volcanoes

Texas News Today

El Salvador used electricity from the volcano to mine 0.00599179 bitcoins (about $269).

President Nayib Bukele, who has staked his political future in a national bitcoin experiment, tweeted on Friday morning that it was the country’s first visit to volcano-powered bitcoin mining.

President on Tuesday I posted a fascinating 25 second teaser videoIt includes shots of government-branded shipping containers filled with bitcoin mining rigs, technicians installing and connecting ASIC miners, and aerial photographs of an energy factory in the dense forest adjacent to the volcano.

Since then, the video has garnered over 2.3 million views and is captioned “First steps…”.

If the states of Central America are indeed minting new coins, it means that Bukele has fulfilled his first promise made in June. when he said He tells state-owned geothermal power company LaGeoSA de CV, “We plan to provide a facility for #Bitcoin mining with very cheap, 100% clean, 100% renewable, zero-emissions energy from volcanoes. are.” I gave instructions.

Bukele said in a tweet on Friday that the mining project is still ongoing and is in the process of “testing and installing” new mining equipment.

The president also provided a breakdown of past mining fees.

Volcano-powered bitcoin mining has been around for a while.

“It’s just geothermal energy,” explained Alejandro de la Torre, a bitcoin miner who recently moved from China to Texas. “Iceland has done this since the beginning of bitcoin mining.”

El Salvador is literally called the “Land of Volcanoes” and according to official figures, geothermal energy already accounts for about a quarter of the country’s energy production.

El Salvador’s move has also benefited from a major debate about bitcoin’s carbon dioxide emissions.

“”Bitcoin mining engineer Brandon Alvanagi said, “Thanks to bitcoin, a completely renewable and undeveloped energy resource is now strictly functional. Bitcoin is the largest renewable in history. It is the originator of potential energy development.”

This foray into the mining industry comes just weeks after El Salvador became the first country to declare bitcoin a fiat currency.

As part of its deployment, the government has added hundreds of bitcoins to its balance sheet and launched its own national virtual wallet called El Salvador’s slang, which means “chivo” or “cool”. It offers free transactions and allows quick cross border transaction payments.

CNBC contacted President Bukele and asked about future plans for state-sponsored bitcoin mining, but did not receive a response.

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