First, El Salvador adopted Bitcoin as a legal tender alongside the Dollar. Now the country wants to mine BTC with its volcanic energy.
When it comes to Bitcoin, the president of El Salvador has no idea what it means to be slow. Over the weekend, he announced that he was working on a proposal to accept Bitcoin as legal tender. 3 days later, he introduced the bill to the Assembly, and a few hours later the same day, it was passed and became law.
Well, now, just hours after this historic event, the president of El Salvador announced a new move to promote Bitcoin mining —100% clean, so Elon Musk can rest easy.
El Salvador Mines Bitcoin From Volcanic Heat
It is difficult to say for sure whether the president of El Salvador was considering mining Bitcoin before the announcement. However, during the Twitter Conference that took place as Congress discussed Bitcoin Law, Nayib Bukele assured that he wasn’t thinking about Bitcoin mining, but that he found his approach quite interesting to study.
Hours later, he instructed the president of the national power company to develop a plan to mine Bitcoin with thermal energy from the country’s volcanoes.
But hours later, Bukele announced that workers had dug a well capable of producing 95MW of energy, which would be used for a 100% clean mining field.
With this move, El Salvador is not only the first country in the world to adopt Bitcoin as a legal tender, but also one of the first to focus on promoting Bitcoin mining with non-polluting alternative energy. All this within one week.
The geothermal energy plant in El Salvador will harness the heat from the volcano to convert it into electrical energy.
The procedure is similar to that applied by Genesis Mining with the Enigma mine in Iceland. The only difference is that in European countries, most of the heat is obtained from the geysers and they consume less energy because the cold climate of the region helps to cool the equipment.
According to DW estimates, between 1 and 2% of the total Bitcoin hash resides in the country.
The need for clean environmental alternatives has been a hot topic of debate, especially after Tesla CEO Elon Musk announced that his company would stop accepting Bitcoin as payment precisely because BTC mining uses polluting energy.