- President Nayib Bukele tweeted on Friday that the country has mined about 0.006 bitcoin, or $269, with geothermal power.
- El Salvador is known as the ‘Land of Volcanoes’ with over 20 potentially active volcanoes
- Geothermal sources provide more than 20 percent of the nation’s energy
- After passing a bill in June, El Salvador began accepting bitcoin as legal tender on 7 September.
According to President Nayib Bukele, El Salvador has started mining bitcoins using energy from the volcano.
The former 2019 elected businessman tweeted on Friday morning that the country had successfully mined 0.00599179 bitcoins, or about $269, with geothermal power.
Bukele’s announcement came just weeks after bitcoin was accepted as legal tender in the country on 7 September.
El Salvador is colloquially known as the ‘Land of the Volcanoes’, with 20 potentially active volcanoes that run the length of the country.
According to the US International Trade Association, the Central American country derives more than 20 percent of its total energy from geothermal sources.
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El Salvador’s President Nayib Bukele announced on Friday that the country has already successfully mined 0.00599179 bitcoin, or about $269, of energy from the volcano.
On Tuesday, President Bukele tweeted a 25-second video of a volcanic-energy plant, a shipping container with a bitcoin mining rig, and technicians setting up ASIC mining machines.
In the accompanying caption, Bukele wrote ‘First steps…’
On September 6, a day before the legal adoption of the world’s most popular cryptocurrency, El Salvador bought 400 bitcoins worth approximately $20.9 million.
The next day, when the policy went into effect, the price of bitcoin fell from a nearly month-low $52,000 to less than $43,000.
El Salvadoran President Nayib Bukele (pictured) said that the country’s state-run geothermal-energy company was directed to develop a plan for bitcoin-mining operations, including very cheap, 100% clean, 100% renewable handjob [zero]’Emission energy from our volcanoes’
On Tuesday, President Bukele tweeted a 25-second video of a volcanic-energy plant, a shipping container with a bitcoin mining rig, and technicians setting up ASIC mining machines. In the accompanying caption, Bukele wrote ‘First steps…’
Bukele, who had previously been mayor of the capital city, San Salvador, first announced his plans in June, sparking controversy and several protests in San Salvador.
he tweeted that LaGeo SA de CV, the state-run geothermal power utility, was instructed to develop a plan for bitcoin-mining operations, including very cheap, 100% clean, 100% renewable, [zero]-Emission energy from our volcanoes.’
Bukele’s bill was immediately approved by the Legislative Assembly three days after it was introduced.
Athena Bitcoin has agreed to invest $1 million to install 1,500 cryptocurrency ATMs that can exchange bitcoin for US dollars or vice versa, but Apple and Huawei have government-backed digital wallets in their app stores. , are not offering chivo, BBC informed of.
The World Bank immediately rejected El Salvador’s request to help implement the new tender, citing ‘environmental and transparency shortcomings’ of bitcoin mining.
President Bukele took to Twitter to share the big news of electricity being used to mine bitcoin from a volcano.
Bukele’s announcement comes just weeks after bitcoin was accepted as legal tender in the country on 7 September. Pictured is a bitcoin mining center in El Salvador.
While El Salvador is hailing bitcoin-mining as an economic miracle, scientists and the World Bank have raised concerns about the environmental impact of the energy-intensive industry.
“We are committed to helping El Salvador in many ways, including through currency transparency and regulatory processes,” a World Bank spokesman told Reuters.
‘While the government approached us for assistance on bitcoin, this is not something the World Bank can support.’
This is hardly the first institution to raise a red flag about the environmental impact of bitcoin.
Purchases with bitcoin and other cryptocurrencies, which exist digitally through encryption, require large amounts of electricity.
Miners use special computers to solve complex mathematical calculations and generate a cryptocurrency coin.
Warehouses, or ‘farms’, around the world are filled with these toaster-sized processors, running day and night.
Those farms produce as much carbon dioxide per year as all cars in the UK combined, enough to raise global temperatures by 3.6F within the next 15 years, according to a 2018 study from the University of Hawaii.
This is enough to bring devastating droughts, floods and storms to regions around the world.
Protesters took to the streets of San Salvador to protest the government’s plan to make bitcoin legal tender.
Co-author Camilo Mora said in a statement, “We cannot predict the future of bitcoin, but if it is implemented even at the slowest rate at which other technologies are incorporated, it could be climate change.” Very bad news for you.” Time.
‘Clearly, any further development of cryptocurrencies should aim at severely reducing electricity demand, if the potentially disastrous consequences of 2°C of global warming are to be avoided.’
El Salvador is not the first country to use geothermal energy to power bitcoin mining: ‘Iceland has been doing this since the beginning of bitcoin mining,’ says miner Alejandro de la Torre told CNBC.
But according to a recent report in the journal Resources, Conservation and RecyclingOf course, high energy costs aren’t the only issue with bitcoin mining: a single transaction generates 9.5 ounces of e-waste, akin to throwing away two smartphones.
Due to my high demands for bitcoins on computers, the shelf life of the devices is extremely short- only 1.29 years.
This produces a lot of waste – about 33,800 tons per year, which could potentially increase as interest in…