Technology

El Salvador has simply began mining Bitcoin utilizing the power of volcanoes

el-salvador-has-simply-began-mining-bitcoin-utilizing-the-power-of-volcanoes

El Salvador mined 0.00599179 bitcoin, or about $ 269, with the energy extracted from a volcano.

President Nayib Bukele – who has bet his political future on a nationwide bitcoin experiment – tweeted early Friday morning that this was the country’s maiden voyage in volcano-powered bitcoin mining.

On Tuesday, the president released an eye-catching 25-second teaser video showing footage of a shipping container full of Bitcoin mining rigs, technicians installing and connecting ASIC miners, and sprawling landscape antennas from a power plant in the dense forest next to a volcano borders.

The video, which has now gone viral with more than 2.3 million views, is simply titled “Getting Started …”

If the Central American country is indeed minting a new coin, it means that Bukele has redeemed a promise first announced in June when he said he directed state geothermal company LaGeo SA de CV to “come up with a plan to build facilities.” for # Bitcoin mining with very cheap, 100% clean, 100% renewable energy without emissions from our volcanoes.

Bukele stated in his tweet on Friday that the mining project was still in the works and that they were still “testing and installing” new mining equipment.

The president also provided a breakdown of mining rewards to date.

Volcano-powered bitcoin mining has been a thing for a while.

“It’s just geothermal energy,” said bitcoin miner Alejandro de la Torre, who recently moved to Texas from China. “Iceland has been doing it since the beginning of Bitcoin mining.”

El Salvador is literally called the “land of volcanoes”, and according to official figures, geothermal energy already accounts for almost a quarter of domestic energy production.

El Salvador’s move is also a boon to the larger debate about Bitcoin’s carbon footprint.

A fully renewable, untapped energy resource was used solely because of Bitcoin, “said Bitcoin mining engineer Brandon Arvanaghi.” Bitcoin is the greatest accelerator of renewable energy development in history. “

This foray into mining comes just weeks after El Salvador became the first country to declare Bitcoin legal tender.

As part of the rollout, the government added hundreds of bitcoins to its balance sheet and launched its own national virtual wallet – called “chivo” or Salvadoran slang for “cool” – which offers fee-free transactions and fast cross-border payments.

CNBC reached out to Bukele to inquire about his future plans for state-sponsored bitcoin mining and we didn’t hear anything.

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