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HomeCrypto NewsMarketEl Salvador’s President, Nayib Bukele Shared A Video That Shows First Steps Of Building The Most Awaited Volcanic Geothermal...

El Salvador’s President, Nayib Bukele Shared A Video That Shows First Steps Of Building The Most Awaited Volcanic Geothermal Bitcoin Mining Facility

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The crypto community is paying keen attention to El Salvador, as it takes giant strides towards the implementation of crypto-friendly policies. The country has already started accepting Bitcoin for payments, and President Nayib Bukele is making another statement in the industry.

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Read: President Nayib Bukele: “Chivo Is Not A Bank, But In Less Than 3 Weeks, It Now Has More Users Than Any Bank In El Salvador With 2.1 Million Salvadorans Actively Using Chivowallet”



He recently showed a short video that revealed El Salvador’s plans for Volcanic Bitcoin mining.

 

The El Salvadorian government wants to take advantage of the abundant amount of energy generated by its volcanoes to mine Bitcoin. The video shows Bitcoin mining rigs situated at a geothermal power plant that uses energy generated from the country’s active volcanoes.

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Bukele’s video initially shows an aerial view of a geothermal energy facility and then cuts to the footage of cargo trucks before mining rigs finally make their appearance.

The government of the tropical nation aims to harness the immense amount of energy produced by its volcanoes in order to mine the largest cryptocurrency.

Bukele shared some mock-ups of the ambitious project on Twitter back in June.

The idea was initially suggested to the Bitcoin-loving president during a Twitter Spaces conversation.

 

Bukele didn’t provide complete details about the project, but said the project had already taken its “first steps,” towards becoming a “volcanode.”

When El Salvador announced the adoption of Bitcoin as a payment method in the country, it received a lukewarm reception within the borders. Many have expressed concerns over the volatility of the crypto asset, with opposition leaders providing the major criticisms to the policy.

Many of those that criticize the Bitcoin policies believe that the adoption of the token would fuel more money laundering activities in the country. However, the government is still focused on its plans for Bitcoin, despite the criticism.

 

Bitcoin became a legal tender on September 7, and Bukele started setting up clean Bitcoin mining operations a week later.

He explained that the new rigs will “provide approximately 95MW of 100% clean, 0 emissions geothermal energy. The news will be a lift to the crypto community after Bitcoin suffered a slight retracement following China’s mining ban.

Read More on El Salvador:

 

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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