El Salvador shows preparations for bitcoin mining powered by volcano

October 8, 2021


El Salvador shows preparations for bitcoin mining powered by volcano

El Salvador's President Nayib Bukele has published a video showing preparations for bitcoin mining at a geothermal energy site.

The footage shows containers with the government logo arriving at the site and ASIC miners being connected to the network.

To the bitcoin hashtag in the tweet, Bukele added an emoji depicting a volcano.

"First steps," the head of state wrote.

In another post, he played up the words "volcano" and "node".

On 10 June 2021, the day after Parliament passed a bill recognising the first cryptocurrency as an official means of payment, Bukele proposed that volcano energy be used for mining.

He specified that it was a new 95MW geothermal well drilled by the state energy company LaGeo.

On 7 September, the Bitcoin legalisation law came into force. To ensure the cryptocurrency and fiat exchange, the government created a $150 million fund and purchased 550 BTC. Later, the authorities added 150 BTC on a drawdown in the exchange rate.

The country's population had a mixed reception to the legalisation of cryptocurrency, with experts and international financial institutions disagreeing on the implications of the move.

Recall that less than three weeks after Bitcoin was recognised as a means of payment, Bukele said that a third of the country's population is actively using the Chivo cryptocurrency wallet.

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Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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