• El Salvador Has Begun Mining Bitcoin Using Volcanic Energy

  • El Salvador’s President, Nayib Bukele, announced that the country has begun mining Bitcoin using volcanic energy. President Bukele stated that while testing and installation are still ongoing, the country has officially begun mining Bitcoin.

    We’re still testing and installing, but this is officially the first #Bitcoin mining from the #volcanode 🌋

    — Nayib Bukele 🇸🇻 (@nayibbukele) October 1, 2021

    Clean Bitcoin mining was one of President Bukele’s other important missions, which he announced in June, at the same time that the country’s Congress passed BTC as legal tender. However, the controversy and hype surrounding BTC overshadowed its plans for volcanic mining development. Now that the infrastructure has been completed, the financially strained country may be able to find a new source of revenue for the state.

    In the first week of September, El Salvador made history when Bitcoin was officially indicted and began to be used as legal tender. Within a month of its launch, the national bitcoin wallet Chivo has received over 2.7 million downloads. Bitcoin remittances in the state have also reached a million dollars per day, indicating that despite the country’s media backlash and protests, BTC is seeing widespread adoption among citizens.

    2.73 million people already using @chivowallet

    180 new users every minute (users not downloads).

    1 million dollars in remittances being received every day.#Bitcoin🌋🇸🇻

    — Nayib Bukele 🇸🇻 (@nayibbukele) October 1, 2021

    El Salvador Has the Potential to Become a Clean Bitcoin Mining Hub.

    El Salvador could become a hub for Bitcoin miners as a result of the Chinese crypto ban and rising demand for clean Bitcoin mining. With Kazakhstan considering a temporary ban due to a power shortage, El Salvador can seize the opportunity to attract new miners. The BTC that has been mined can then be used for the benefit of the state. The mining industry could provide not only a revenue stream but also jobs in the region, creating a win-win situation.

    El Salvador has not only made Bitcoin legal tender alongside the US dollar, but it has also begun buying Bitcoin dips and currently holds over 400 BTC in its treasury. The President stated that they intend to purchase more BTC during market downturns.

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