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.
He recently showed a short video that revealed El Salvador’s plans for Volcanic Bitcoin mining.
First steps…
?#Bitcoin?? pic.twitter.com/duhHvmEnym
— Nayib Bukele ?? (@nayibbukele) September 28, 2021
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.
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:
- El Salvador Buys The Bitcoin Dip Again, According To President Najib Bukele “They Can Never Beat You If You Buy The Dips”
- Bitcoin Is Now Official Currency Of El Salvador
- According To El Salvador President, Nayib Bukele, 1.1 Million Salvadorans Now Using Chivo Bitcoin Wallet
- El Salvador Chivo Bitcoin Wallet Has Surpassed 500,000 Users
- McDonald, Pizza Hut, Starbucks Started To Accept Bitcoin In El Salvador
- El Salvador Makes Further Progress In Making Bitcoin Legal Tender By Setting Up 200 ATMS Across The Country For Exchanging Bitcoin
- In A Surprising Gesture Of Support, Bank Of America Outlines Key Benefits Of El Salvador Bitcoin Adoption
- World Bank Refuses El Salvador Request To Assist With BTC transition
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
