in

El Salvador Begins Bitcoin Mining Operation Using Geothermal Energy From Volcanoes

Image


El Salvador has begun mining Bitcoin (BTC) using geothermal power harnessed from volcanoes.

Salvadoran President Nayib Bukele, who spearheaded the country’s move to adopt BTC as legal tender, revealed a video teaser to his 2.9 million followers showing clips of the new mining facility.

 

Bukele also shared a screenshot of a wallet that the country is using to collect the BTC generated from its mining operations. At the time of Bukele’s post, 0.00599179 BTC, worth $286, had been mined using energy from volcanoes.

“We’re still testing and installing, but this is officially the first Bitcoin mining from the volcanode”

Source: Nayib Bukele/Twitter

Bukele said in June that he asked El Salvador’s state-owned geothermal electric energy LaGeoSV to create a Bitcoin mining facility using “very cheap, 100% clean, 100% renewable, 0 emission energy” from the country’s volcanoes.

The Central American nation, known as “the land of volcanoes,” became the first country in the world to adopt Bitcoin as legal tender despite widespread protests and surveys showing much of the population wasn’t on board.

About 25% of El Salvador’s current power comes from geothermal energy, according to a report by Unidad De Transacciones, the country’s power market administrator.

Bitcoin is exchanging hands at $48,061 as of writing, a 14% increase from its seven-day low of $41,002, according to CoinGecko.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/IgorZh





Source link

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

What do you think?

After Avalanche and Polygon Binance-Backed OpenOcean Integrates Fantom

After Avalanche and Polygon Binance-Backed OpenOcean Integrates Fantom

Polkadot price analysis: DOT expected to decline after crossing 20-day EMA at $31