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Bybit exchange rents volcanologists after El Salvador’s move

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Mining Bitcoin with Volcanic Energy

Derivatives cryptocurrency exchange Bybit recently said it is hiring a volcanologist to learn how to use geothermal energy to mine Bitcoin.

The recruitment announcement was released by Bybit after the President of El Salvador, Bukele tweeted about Bitcoin mining with volcanic energy. However, it is not clear whether this exchange cooperates with El Salvador for research.

El Salvador recently caught the attention of many countries when it recognized Bitcoin as legal currency. Besides, this Central American country also researches on renewable energy to conduct Bitcoin mining in the country.

The president added that the state-owned geothermal power company LaGeo will be responsible for developing the Bitcoin mining strategy.

Bukele’s plan is to attract immigrants in the US by using Bitcoin as a method of sending remittances. El Salvador will offer permanent residency to anyone who invests 3 Bitcoins in the country.

Some banks, economists and even the IMF are now critical of the idea. However, the crypto investor community praised the move in terms of possibly inspiring other countries to legalize cryptocurrencies.

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