El Salvador Explores Using Volcanoes To Mine Bitcoin
BITCOIN MINING – El Salvador said it would use volcanoes as a source of power to mine bitcoin.
Recently, El Salvador made headline after announcing the use of bitcoin as a legal tender. However, with the volatility in the prices, El Salvador needs a way to sustain this. As such, bitcoin mining was seen as an option.
But, mining bitcoin isn’t a cheap feat. Although there are alternatives, it wouldn’t be enough on a mass scale. Furthermore, using fossil fuels to run large-scale bitcoin mines contributes to 60 million tons of C02 emission globally.
So, alternatives such as geothermal electricity are looked at as an option. According to an article from ABS-CBN, El Salvador’s president Nayib Bukele said:
Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100 percent clean, 0 emissions geothermal energy from our volcanoes…
Starting to design a full #Bitcoin mining hub around it,
El Salvador, found in the Pacific Ring of Fire, has 23 active volcanoes. Surely, there’d be opportunities their to run a full-scale geothermal powered bitcoin mine.
Furthermore, Bukele changed his profile photo on Twitter of himself with blue laser eyes, signifying his support for cryptocurrency. Still, people are skeptical with him legalizing bitcoin as a tender due to its volatile prices.
However, the news did slightly bump the price of bitcoin which was on a downtrend for the past weeks. What do you think of this? Leave your comments below.
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