El Salvador plans to mine Bitcoin using energy from volcanoes – –

El Salvador plans to mine Bitcoin using energy from volcanoes – –

What happened: Only a day after passing a bill to do Bitcoin (CRYPTO: BTC) legal tender in El Salvador, the nation appears to be moving towards harnessing renewable energy from its volcanoes to mine cryptocurrency.
The country’s president, Nayib Bukele, said in a Tweet that he had asked a state-owned geothermal power company to put in place a plan to offer Bitcoin mining facilities with 100% renewable energy.

Just two hours after his initial announcement, Bukele said, “Our engineers have just informed me that they have dug a new well, which will provide approximately 95 MW of 100% clean geothermal energy with zero emissions from our volcanoes. “

The process is reportedly already underway to design a Bitcoin mining hub around the site.

Why is this important: El Salvador has 23 active volcanoes and geothermal energy contributes more than 20% of the energy consumed in the region, according to a report, which also confirms that the country only uses a third of its potential of 644 resources. MW.

Bukele’s swift execution was also a surprise to many, as the president said he was just starting to think about it late on Tuesday night.

“We don’t think about [bitcoin] mining, “he said in a conversation on Twitter Spaces, adding,” but of course we can do something to promote mining. And we have a few thinking about it right now, I mean, I haven’t thought about it – but right now thinking about it.

One of the participants in the call was Fred Thiel, CEO of US mining giant Bitcoin Marathon Digital Holdings Inc (NASDAQ: MARA), who commented on Bukele’s announcement.

Read also: El Salvador becomes the first country in the world to adopt Bitcoin as legal tender

“I was on the phone last night. Congratulations. My company is one of the largest publicly traded U.S. bitcoin miners (NASDAQ: MARA) and a founding member of the Bitcoin Mining Council. I am very interested in speaking with your team about mining using geothermal energy in El Salvador (sic), ”he said. mentionned.

Price action: Bitcoin traded 8% more after the news broke, reaching $ 36,905 at the time of writing. The leading cryptocurrency saw a 4% increase in trading volume, which reached $ 49.7 billion in the past 24 hours.


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