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El Salvador has started mining bitcoins… With volcanic energy?
A few days ago, El Salvador surprised the world by becoming the first country to adopt bitcoin as legal tender.
This became quite a controversial decision, however, it received the approval of many and the criticism of others as well.
However, President Nayib Bukele achieved his mission and since September 7, El Salvador became the first country to use bitcoin legally. But now the government is going one step further and has started mining bitcoins, in a somewhat peculiar way. And it is that it has been known that volcanic energy will be used to feed the miners.
Next, we will tell you everything that is known about it so far.
President Bukele's announcement
Recently, the president of El Salvador, Nayib Bukele announced that in this Latin American country, bitcoins will begin to be mined. This thanks to the use of volcanic energy in the territory.
In fact, it has also announced that it is in an installation and testing phase. However, in these tests that have been carried out, they have managed to undermine the sum of 0.00483976 bitcoins (around 200 euros).
The use of geothermal energy for bitcoin mining
El Salvador bitcoin is a country that has great volcanic activity, in fact, this is not a novelty. In fact, approximately a quarter of the electrical energy the country consumes comes from geothermal energy.
So, broadly speaking, this would not be the breakthrough they want to make it sound like.
However, the news has more to do with the fact that the mining center is located right next to a geothermal power plant. Therefore, 100% of the energy generated by it would be used.
In addition, this announcement is also related to its promise to offer mining facilities with cheap, clean and renewable energy.
This is, without a doubt, good news for all miners in El Salvador.
Since you will have access to low-cost electrical energy to be able to operate the different mining machines and farms in the country. It even probably encourages foreigners to invest in bitcoin mining in El Salvador.
What is geothermal energy about?
Geothermal energy, like the one that will be used in El Salvador to mine bitcoins, is a 100% renewable energy that uses the heat of the ground.
In this way, it is used to generate hot water in an ecological way.
In summary, geothermal energy is when heat is extracted from the ground.
This is extracted thanks to some collectors that are buried in the subsoil. Through these, a solution of water and glycol circulates, which causes electricity to be generated.
The main advantage of geothermal energy is that it is renewable, ecological, safe and does not generate emissions.
And this is the main reason why in El Salvador it is planned to use this energy to mine bitcoins.
