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El Salvador harnesses Volcano to mine Bitcoin

dmitry demidko xZJpKskRdOg unsplash

TL;DR Breakdown:

  • El Salvadoran government used energy from volcano to mine up to 0.0059 Bitcoin 
  • They are testing and working to install more ASIC miners, says the president.

The government of El Salvador has successfully mined some Bitcoin using energy generated from Volcanos. The Central American country is known for producing lots of geothermal energy, and they will be harnessing it to mine more Bitcoins, following the recent tweet from the president, Nayib Bukele. 

El Salvador mined 0.0059 BTC with geothermal energy

As of September 30, the country has mined 0.0059 BTC, which is equivalent to $281 at the current price of $47,648 per coin. El Salvador plans to produce more Bitcoin in the future as the president further noted that “We’re still testing and installing, but this is officially the first Bitcoin mining from the volcanode.” 

Prior to this, Bukele shared a teaser video of the several ASIC miners being delivered and installed in the country. He had also told a geothermal energy company in El Salvador to “put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”

State bull

On September 7, El Salvador became the first country in the world to adopt Bitcoin as a legal tender. Despite there was opposition to that move, the government has remained keen on cryptocurrency. Recently, the country launched Bitcoin ATMs and also raised its Bitcoin reserve to 550 Bitcoin, which is currently worth over $26 million. 

Bitcoin adoption is also spreading across the nation. Recently, Cryptopolitan reported that the official Chivo wallet is now used more than local banks in the country. As of there were 2.1 million Salvadorians actively using the Bitcoin wallet. The Bitcoin payments are fastened using the Lightning Network, a layer-two scaling solution based on the Bitcoin blockchain

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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