El Salvador’s President Nayib Bukele has just shared a video showing a Bitcoin (BTC) mining facility powered by the energy of a volcano. Thus, the first country to adopt Bitcoin as a legal tender would be in the process of realizing its “Volcano Bitcoin Mining” project, that is to say: public mining of BTC with clean and renewable energy.
El Salvador to mine Bitcoin using energy from its volcanoes
In a Tweet titled “First Steps,” El Salvador President Nayib Bukele shares a video that could be a bitcoin (BTC) mining facility powered by the energy of a volcano.
Although the country has received several criticisms since adopting Bitcoin as a legal tender, the country continues to move forward through its president.
Last June, Nayib Bukele had unofficially announced that he wanted to use geothermal energy from volcanoes to be able to mine Bitcoins.
Through the video, we can see a container with the name of the State of El Salvador arriving at the geothermal plant. This container would contain the technical elements to be able to mine, as we can see a technician making the necessary connections.
Thus, the “Volcano Bitcoin Mining” project is becoming a little more concrete. Indeed, the goal remains to mine the new official currency with both clean and renewable energy.
“Our engineers just informed me that they have dug a new well, which will provide about 95MW of 100% clean, emission-free geothermal energy from our volcanoes. We are beginning to design a complete bitcoin mining center around this well,”the president said in early June
In the space of several months, the country has become something of a cryptocurrency paradise. In addition to establishing Bitcoin as a legal currency, the president has put in place a favorable policy to accelerate its adoption and attract foreign investors.
In this sense, the country will exempt capital gains made in Bitcoin (BTC) from taxation while implementing measures against money laundering.
In addition, some residents will now be able to repay loans and pay bank fees in Bitcoins. This is what the largest bank in El Salvador, Bancoagrícola, is offering.
To conclude, the country has proved by its different actions that it concretizes what it says, that could be seen in particular by its last project of public mining of bitcoins.