El Salvador President Plans to Mine BTC Using Volcanoes

Share Article
In Brief
  • President Nayib Bukele plans to use geothermal electricity to mine BTC.

  • The move will allow zero emissions mining through volcanoes.

  • The announcement comes hours after the country made BTC legal tender.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

President Nayib Bukele has announced that the country will be looking at mining BTC through the use of volcanoes following the digital asset becoming legal tender in the country.

Sponsored



Sponsored

El Salvador recently became one of the first countries to approve a bill to make bitcoin legal tender within the country. 

The move which was spearheaded by President Bukele earlier this week was passed today. Voting for the bill saw the motion adopted following a congressional vote of 62 in favor out of 84 votes. 

Sponsored



Sponsored

The bill looks set to institute BTC as a method of payment, transactable through the direct exchange rate to the U.S dollar. Residents will also be able to pay taxes using BTC. 

Sustainable mining next 

Following the ruling, President Bukele has wasted no time in reaching out to the state-owned geothermal electric company LaGeo. In a tweet, the president stated that El Salvador plans on utilizing the company “to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, zero emissions energy from our volcanoes.” He concluded by saying “this is going to evolve fast!”

Previous mining concerns 

The move to offer sustainable BTC mining solutions by El Salvador comes after China has taken measures to crack down on BTC mining within the country. China has previously commented on its desire to “resolutely prevent the transfer of individual risks to the society.”  

Tesla CEO Elon Musk has also commented on the sustainability of BTC mining. The billionaire recently announced that Tesla would no longer be accepting BTC payments for orders on new vehicles. The reasoning related to the environmental impact that BTC mining has on the planet. 

El Salvador has become the first country to adopt BTC as legal tender. And could also become the first country in the world to offer a unique and effective method of mining BTC through volcanoes. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go