President Bukele Teases El Salvador’s Volcano-Powered Bitcoin Mining Preview

Time Stamp: June 23, 2021 6:02 AM
Source Node: 938429

El Salvador President Nayib Bukele gives a sneak-peek into upcoming Volcano-powered Bitcoin mining farms.

President Bukele Releases Preview

El Salvador’s President, Nayib Bukele, used Twitter to give an early peak at the planned Bitcoin mining setup, which would be powered by volcanoes. Earlier this month, Salvador became the first country in the world to recognize Bitcoin as legal money. The country’s congress passed the Bitcoin bill with an overwhelming yes vote. The President also announced ambitions to turn small island nations into a hotspot for environmentally friendly Bitcoin mining.

President Nayib spoke at a Twitter Space on the day of the election, where he interacted with over 23,000 crypto aficionados from around the world. During their conversation, he was asked about his plans to promote environmentally friendly Bitcoin mining, to which Bukele said that the country could use geothermal energy from the volcano.

Bukele began working on setting up clean bitcoin mining operations a week after Bitcoin became legal tender, instructing the director of the state-owned geothermal utility to make room for Bitcoin mining.

He said: “Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos. Starting to design a full Bitcoin mining hub around it.”

BTC/USD shoots up after plunging to $28k. Source: TradingView

Related article | Domino Effect: Which Countries Will Adopt Bitcoin Next?

El Salvador Is Paving The Way

Despite being a small Central American country, Salvador has moved quickly to make bitcoin legal cash and to allow for clean Bitcoin mining, which uses 100 percent renewable energy. The news also comes at a critical moment when there is a lot of controversy and FUD around Bitcoin mining energy use, which has been fostered by people like Elon Musk.

The Chinese crackdown on crypto mining in key regions like Sichuan and Xinjiang may result in Bitcoin mining decentralization in the coming months. Many Chinese mining farms have already relocated to the United States, Kazakhstan, and a few other North American countries. Salvador is the first country in the world to have a Bitcoin-centric government.

People all over the world are searching for information on real estate and citizenship in El Salvador. Those are extremely serious topics, even if the search is casual or exploratory. Just look at the spike in these graphics:

At the Bitcoin 2021 conference in Miami, President Bukele said,

“In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy, and in the medium and long term, we hope that this small decision can help us push humanity at least a tiny bit into the right direction.”

Related article | How El Salvador Embracing Bitcoin Signifies “The Separation Of Money And State”

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Source: https://bitcoinist.com/president-bukele-teases-el-salvadors-volcano-powered-bitcoin-mining-preview/?utm_source=rss&utm_medium=rss&utm_campaign=president-bukele-teases-el-salvadors-volcano-powered-bitcoin-mining-preview

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