El Salvador, which adopted bitcoin as legal tender last month, has mined some cryptocurrencies using the heat from the volcano.
President Nayib Bukele tweeted that 0.00599179 bitcoins, or about $269, had been mined.
On Tuesday, the president also tweeted a 25-second video that showed technicians installing the bitcoin rig’s government-branded shipping containers and miners. In El Salvador, about a quarter of its domestic energy production comes from geothermal energy.
This is not the first time that volcanoes have been used for bitcoin mining; Iceland has used geothermal energy to mine cryptocurrencies for years. There, as well as in Norway, nearly 100 percent of all energy generation is renewable, and cryptocurrency miners are taking advantage of cheap hydro-electric and geothermal energy to power their machines.
Low temperatures in countries also help reduce costs by naturally cooling computer servers.
President Bukele directed state-owned geothermal electric company, Lazio SA de CV, to make facilities for bitcoin mining affordable by tweeting in June that it would be 100% clean, 100% renewable, 0 emissions energy from our volcanoes. ” And it was going to “develop rapidly”.
LaGeo SA de CV plans to “offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanoes.”
The political situation in El Salvador, however, is not smooth. President Bukele recently declared himself a dictator as protests erupted against him. Many protesters said they were marching to defend democracy and prevent violations of the constitution, amid allegations that the president has too much power and has undermined the independence of El Salvador’s courts.
Chivo Cash machines associated with bitcoin transactions were set on fire in the country on 15 September.
Before this they also faced many disturbances, being unable to send money to relatives abroad or buy a cup of coffee in the country.
While El Salvador is keen to adopt cryptocurrencies, an analysis by the Institute of Science, Technology and Innovation at Francisco Gavidia University states that the government has already lost money on what it invested in buying 550 bitcoins.
Credit: www.independent.co.uk /